CIC’s New Advisors

Ashby Monk

The CIC just released the list of its new international advisory council. It’s quite an impressive group and, in my view, perfectly suited for the task of advising the CIC on global trends and internal processes. Whereas some are already criticizing the makeup of this Council for being light on “stock pickers,” I think the CIC got this right. Advisory boards such as this one are not set-up to give specific investment tips.

The Council will help the CIC with its long-term strategic direction and internal governance. Moreover, the CIC is adeptly using these highly respected individuals to facilitate acceptance from various jurisdictions around the world. This is referred to as legitimation through co-optation; by bringing legitimate individuals within your organization, you can ensure acceptance and legitimacy.

The only remaining question I have about this Council is one of influence. I expect these high-profile individuals agreed to align themselves with the CIC on the basis that they could effect change. So, how will these individuals know if they are being taken seriously by the CIC? In other words, what tests will they use to evaluate their ability to drive change within the organization? I’d be very interested to know.

In any case, this is a positive development. The CIC clearly sees good governance as a path towards global acceptance and legitimacy. I tend to agree.

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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