The Board of Trustees

The Foundation is governed by its Board of Trustees which comprises eight members. To ensure scientific independence and accountability in relation to its main benefactors, five are nominated by the ECGI and three by the Council of Patrons. Furthermore, at least one half of the ECGRF Board of Trustees shall comprise Research Members of the ECGI. Detailed rules governing terms of office, renewal of term, revocation of office, and board replacements are explained in more detail in the ECGRF Articles*. The Board's Chairperson is nominated by the ECGI from amongst its Research Members. A Vice-Chair is nominated by the Foundation’s Council of Patrons.


Professor Ernst-Ludwig von Thadden

University of Mannheim
ECGI Fellow (Germany)


Professor Erik Berglof

Chief Economist of the Asian Infrastructure Investment Bank (AIIB)
ECGI Fellow and Director (China)

Professor Patrick Bolton

Barbara and David Zalaznick Professor of Business,
Columbia Business School
ECGI Fellow (USA)

Ms Petra Hedengran

General Counsel & Managing Director,
Investor A.B. (Sweden)

Mr Adrian Kemp

Company Secretary,
AstraZeneca P.l.c. (United Kingdom)

Professor Paola Sapienza

Professor of Finance,
Kellogg School of Management
ECGI Fellow (USA)

Ms Daniela Weber-Rey

NED, HSBC Trinkaus & Burkhardt
and Groupe FNAC DARTY

Acting secretary

Professor Marco Becht

Executive Director, ECGI

Council of Patrons

The Council of Patrons will be activated when the number of Trustee seats is insufficient to accommodate all Patron representatives. Patrons of the Foundation are legal entities and/or individuals who have committed to funding the ECGRF (see Donate page for details). Patrons are designated to the Council by the Board of Trustees with the concurring assent of the ECGI. Patrons automatically then become Patron Members of the ECGI. Patrons elect a chair among their number and meet in Council upon a call from their chair or their deputy. At a joint meeting held at least once a year between the Council, the Board of Trustees of the Foundation and the Board of Directors of the ECGI, the Council of Patrons may express its views and advice on the orientation of the activities of the Foundation and the ECGI. The Council of Patrons has the right to nominate up to one-third of the Board of Trustees of the Foundation.

Governance of the Foundation

The European Corporate Governance Research Foundation (The Foundation) was established under Belgian Law as an international not-for-profit Foundation. This legal vehicle is governed by its Articles of the Foundation (Deed of 11 October 2013) which was approved by Belgian Royal Decree on 26 November 2013. Future amendments to these articles must be approved by three-quarters of the Board of Trustees and two-thirds of the ECGI Board.

ECGRF Articles

ECGI is legally governed by the Articles of Foundation dated 11 October 2013.
The Articles were modified by the Board of Trustees on 21 November 2019, with the intention of ratifying the changes in the presence of a notary at the time of their next physical meeting in Brussels. Unfortunately due to circumstances, this meeting has so far been unable to take place.

The relationship between ECGI and ECGRF

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