Wednesday webinar at one: Stakeholder Capitalism in Action – A spotlight on Germany

Wednesday 19 January 2022 | 13:00 - 13:40 | Webinar

In 1970 Milton Friedman's famous essay, The social responsibility of Business is to increase its profits was published in the New York Times

In recent years, however, there has been growing recognition that ‘narrow’ pursuit of profit for shareholders has resulted in a net negative cost to wider society. In the investment world this has manifested itself in the rise to prominence of ESG investing and greater consideration of wider stakeholder perspectives to evaluate sustainable profitability.

Germany has a deep-seated historical tradition of employee co-determination in corporate business. CFA Society Germany’s paper: Stakeholder Capitalism in Action – a spotlight on Germany’s work councils  provides an insightful account of how consideration of employee interests has been maintained by corporate Germany.

Join this webinar to hear from CFA Society Germany on how employee interests are protected in their country, listen to the considered responses from two CFA UK stewardship experts and participate in an active Q&A and poll session.

Where recordings are made, these are a member benefit that are accessed through the member-only platform, CFA UK Discover.


Registration: 12:55

Event: 13:00 - 13:40

CPD Points: 0.75


Susan Spinner, CFA, CEO, CFA Society Germany

Susan has headed the professional association CFA Society Germany as CEO since June 2011. The CFA Society Germany is the largest professional association for financial analysts, investment managers and institutional investors in Germany.

Susan Spinner looks back on around 25 years of professional experience in the invesment industry with a focus on capital markets, portfolio management and securities analysis. In Germany she has worked for well-known financial institutions such as Cominvest, Commerz International Capital Management, the Hamburgische Landesbank, and Dresdner Bank.

Martina Bahl, CFA, Management Consultant, CFA Society Germany

Martina Bahl, CFA, holds a degree in business administration and is an experienced capital market expert following a long career with international investment banks and stock exchanges. 

As a trained financial analyst and graduate in economics, her focus is in portfolio management, analysis, risk optimization and bank processing. She is also a lecturer at the Cologne Business School in the international MBA course, as well as at the Hochschule Fresenius in Cologne.

She volunteers for the CFA Society Germany, and writes specialist articles in newspapers and magazines and regularly gives specialist lectures on current financial market topics.

Edward Smith, CFA, Co-Chief Investment Officer, Rathbones

Edward is Rathbone Investment Management’s Co-Chief Investment Officer. He has joint responsibility for Rathbones’ research department, the evolution and performance of its investment process, and its responsible investment philosophy. He is the Chair of the Strategic Asset Allocation Committee, co-Chair of the Sector Selection and Portfolio Construction Committees, and a founding member of the Responsible Investment Committee.

Edward is a Chartered Financial Analyst (CFA), and volunteers for CFA UK, having served on its continuing education committee and, most recently, chairing their working group on the future of Corporate Financial Reporting. He has an MA from the University of Oxford and an MSc with distinction in economic history from the London School of Economics and Political Science (LSE).

Oliver Gottlieb, CFA, Global Equity Analyst, GIB Asset Management 

Oliver is part of the global equities team at GIB Asset Management, where he works on the flagship Sustainable World Strategy. Previously, he worked at HSBC Global Asset Management, where he had both analyst and portfolio management responsibilities across a range of funds, including climate change and sustainability.

Oliver is a member of the IASB Capital Markets Advisory, advising the IASB Board on the implications of proposed changes to financial accounting standards. He has also been a member of several CFA UK Working Groups, in the areas of accounting, stewardship and climate change.

Oliver graduated with a first-class degree in economics from Exeter University. He is a Chartered Financial Analyst (CFA) and holds the CFA UK’s Certificate in ESG Investing.

Click here to view our event terms and conditions.