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Cass Business School to Host Insight into Moral Capitalism: MBA News

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By QS Contributor Updated Aug 26, 2019
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Tonight Cass Business School asks ‘How do we achieve a more moral capitalism?’ by hosting a lecture from the former CEO of Olympus Corporation, Michael Woodford, who lost his job when he exposed a US$1.7 billion fraud at his own company.

Michael Woodford is delivering this talk as the inaugural winner of the Contrarian Prize, set up by Ali Miraj, a chartered accountant and former UK parliamentary candidate, to recognize public figures in the UK who stand opposed (or contrary) to the status quo by displaying independence, courage and sacrifice.

As CEO of the Japan-based Olympus Corporation in 2011, Michael Woodford learnt of a staggering accounting scandal, which appeared deep-rooted into the highest levels of a company where nobody was willing to tell him the truth. After some soul-searching, his decision to speak out caused a tumultuous crash in the share price, the resignation of the Olympus Corporation board and Woodford requesting police protection after he was quickly ousted as CEO and had returned to the UK. Woodford then spent close to £1 million (c. US$1.6M) of his own money in a successful attempt to defend himself.   

Former Olympus Corporation CEO to be subject of motion picture

It is a dramatic story and one that will soon be turned into a major motion picture. However, at Cass Business School, Michael Woodford will be discussing questions regarding moral capitalism that his experience poses.

These include whether today’s business climate makes the risks of fraud more likely and whether regulation can be effective if even industry leaders cannot be trusted. Woodford’s lecture will be followed by a question and answer session on the theme of moral capitalism before a networking reception at which Woodford will be signing copies of his book, entitled Exposure.

Cass Business School’s next event will be early in December and features the founder of Metro Bank, which became the first new high street bank in the UK for more than 100 years when it launched in 2010.

Learn more about Cass Business School >