Stuart Woollard

Thanks for reading the post and sharing your comment via Linked In.

Because your comment, to a significant extent, is an evaluation of my commentary, I need to clarify a few points. To begin with, this is my opinion, not that of CFA Institute. I did not argue that analysis of governance can predict a specific event (emissions scandal) or that it can quantify the adverse impact of such an event. Also, I think the link of governance and culture is obvious and there is plenty that’s been written on this subject. See for instance recent coverage of banking scandals with culture and governance.

I provided specific examples of "ex ante" publicly available information regarding VW corporate governance problems as well as "ex ante" publicly available analysis based on such information. This is materially different from claiming what some form of human governance analysis might have achieved, had it been done for VW.

I wish you good luck in your work.

Regards

Usman