Submitted by: iScale
Posted: Mar 26, 2009 – 12:11 PM EST
- March 26, 2009 - A diverse group of finance reform advocates is calling upon G20 to create a World Commission on Global Finance. "The current reform process is wholly inadequate," says group spokesperson Dr. Sanjeev Khagram Harvard Business School Wyss Scholar and World Economic Forum Youth Global leader.
The call comes from a group formed at a meeting at the Harvard Business School in January (list attached) and follows 14 months of consultations that included four dozen interviews and a survey with nearly 100 respondents working in the global finance arena. They see that the current approach is based upon traditional insiders who presided over development of the current crisis as incapable of the scale of innovation that is needed. The Commission structure and process should respond to:
"A World Commission is the scale of effort that this crisis warrants,"says Khagram who was Senior Policy Advisor for the World Commission on Dams. Like the WCD, the World Commission on Global Finance would be a multi-stakeholder process of two to three years that would hold consultations globally, do the needed research, learn from leading financial system change advocates, and start building a global financial system for the 21st century. "If dams warranted this type of serious, thoughtful and consultative approach, certainly we should do no less for the financial system," says Khagram.
The call for the Commission is accompanied by release of a report by the GFI that ends Phase I of the project and details plans for Phase II that are designed to push for such a Commission. A list of the GFI Advisory Team is attached – these individuals are acting in their personal capacity.
The GFI is a project of Global Action Network Net (GAN-Net) and iScale, supported with funding from the Ford Foundation. For the full report and more information see: https://sites.google.com/a/gan-net.net/gfi-share-space or contact:
Dr. Sanjeev Khagram:email@example.com; +1 (206) 697-0084
Dr. Steve Waddell: firstname.lastname@example.org; +1 (617) 388-7658
Global Finance Initiative Advisory Team
|Last Name||First Name||Relevant Networks||Organization (for identification purpose only)||Job Title|
|1||Burke||Sara||FES' global network and civil society UN connections||FES – Friedrich-Ebert-Stiftung||Policy Analyst|
|2||Chan||Michelle||Friends of the Earth Bank Track||Friends of the Earth – United States||Program Manager, Green Investments Project|
|3||Flannery||Sean||State Street Bank||Chief Investment Officer of the Americas (frmr)|
|4||Habbard||Pierre||Trade unions, Global Reporting Initiative||TUAC – Trade Union Advisory Committee to the OECD||Sr. Policy Advisor|
|5||Henderson||Hazel||Henderson.com, Calvert-Henderson.com, Ethical Markets||Ethical Markets Media (USA & Brazil)||President|
|6||Khagram||Sanjeev||Harvard Business School iScale||iScale||Lead Steward/CEO|
|8||MacLetchie||Claire||Asian investors||ASRiA – Association for Sustainable and Responsible Investment in Asia||Executive Director|
|8||Thamotheram||Raj||Responsible Investors,NSFM – Network for Sustainable Financial Markets||AXA Investment Managers||Director of Responsible Investment|
|9||Underhill||Geoffrey||Academics on global financial issues||University of Amsterdam, School for Social Science Research||Professor|
|10||Uzan||Marc||Regulators Governments||Reinventing Bretton Woods Committee||Executive Director|
Global Reporting Initiative
|Tellus Institute||Senior VP|
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