2013 winners announced for Ethics In Finance – Robin Cosgrove Prize
The prestigious Ethics in Finance Robin Cosgrove Prize was awarded on 14th November in Geneva to two young finance professionals working in London: Prabhay Joshi, born in India, and Rafael Gomes, a Portuguese national. Together they share the 2013 global prize for $20,000.
The still-continuing saga of manipulation of the benchmark interbank lending rate, Libor, is the focus of Prabhay Joshi’s paper. In the aftermath of the scandal and the resulting penalties imposed, he examines why cultural practices overshadowed ethical decision – making, leading to one of the biggest financial scandals of recent times. He advocates promotion of ethical standards at all levels of a financial organization by encouraging individuals to form their personal vision of ethical integrity.
Rafael Gomes develops a concept of corporate responsibility for the wider financial system. By analysing the failure of markets to defend themselves from unscrupulous and unethical behaviours, he calls for recognition of “corporate market responsibility”, proposing that financial firms must help to ensure a fair and stable financial system, adopting robust ethical norms for business conduct, above and beyond compliance and legal regulation.
The Robin Cosgrove Prize, founded in 2005, launched a global debate on the role of ethics and integrity in all aspects of finance. Well before the current financial crisis swept across the world, the Prize has been dedicated to a global reflection on the role of ethics, integrity and trust in financial transactions. The Prize reflects the ideas of Robin Cosgrove, a successful young investment banker, who sadly died at age 31.
The first global Prize was launched in 2006, with money from Robin’s family, friends and former employers, with the goal of prompting focused debate among young finance professionals and advanced students of financial issues, encouraging them to submit their ideas for “Innovative Ideas for Ethics in Finance”. Papers were submitted in either English or French, and adjudicated by a distinguished international Jury organized by l’Observatoire de la Finance, Geneva, and by Robin’s family. The global Prize was awarded in 2007, 2009 and 2011 and by 2013 nearly a thousand papers had been submitted from young people under 35 years old from eighty countries.
Since 2008 a regional Ibero-American Prize, supported by MAPFRE of Madrid, a major Spanish insurance company, encouraged contributions to the ethics in finance debate from young professionals writing in Spanish or Portuguese.A further initiative in 2012-3 was the launch by the Polish Bankers Association of a Polish language edition of the Prize.
Guardian Wealth Management International has supported the mission of the Prize to stimulate a global reflection on ethics in finance through the competitions and the website has made a significant contribution to the sustainable future of international finance based on stronger ethical awareness and commitment to integrity among all stakeholders. The International Monetary Fund (IMF) promotes the Prize through its training programmes, the principal Accountancy, Banking and Insurance institutes across Europe promote awareness of the prizes and some major financial enterprises encourage their staff to take an interest in the global ethics in finance debate.
Dr Carol Cosgrove-Sacks is a director of the Ethics in Finance Robin Cosgrove Prize; she is an international policy consultant based in Geneva and a Visiting Professor at the College of Europe, Bruges.
For details of the award, see www.robincosgroveprize.org.