ESMT Annual Forum 2009

ESMT Annual Forum

Navigating in Turbulent Times

July 1-2, 2009, in Berlin

The 2nd ESMT Annual Forum, held on July 1-2, 2009, brought together over 270 delegates as well as international high-caliber speakers and panelists from the business world, politics, media, and academia.

The 2009 conference was opened by Michael Diekmann, CEO of Allianz SE and Chairman of the ESMT Foundation Board of Trustees. Josef Ackermann, CEO of Deutsche Bank AG and Deputy Chairman of the ESMT Foundation Board of Trustees, offered his analysis on the global financial crisis in a keynote speech. This was followed by a cornerstone panel, where CEOs of leading international companies such as Daimler AG, Deutsche Bank AG, MAN SE, Ernst & Young, and Infosys Technologies Ltd. assessed the crisis in regards to their industries. In a frank and open dinner speech, German Finance Minister Peer Steinbrück called on all business leaders to reestablish stronger links between business and society and to plant the seeds of a new system.

Central elements of the crisis were again debated on the second Forum day which belonged to a select group of renowned academic speakers. Looking into four aspects of the crisis, panelists cautioned that future reformers should make a sharp distinction between the kind of healthy risks that are a normal part of entrepreneurial societies and the dangerous systemic risk that contributed to the current crisis.

Vertical Tabs

Program, July 1

Program, July 1

5:30 - 5:35 p.m. Introduction

5:35 - 5:50 p.m. Opening of ESMT Annual Forum
Michael Diekmann, Chairman of the Board of Management, Allianz SE

5:50 - 6:15 p.m. Keynote Address
Josef Ackermann, Chairman of the Management Board and the Group Executive Committee, Deutsche Bank AG

6:15 - 7:45 p.m. Cornerstone Panel
The Impact of the Financial Crisis on the Real Economy


  • Josef Ackermann, Chairman of the Management Board and the Group Executive Committee, Deutsche Bank AG
  • N. R. Narayana Murthy, Chairman of the Board and Chief Mentor, Infosys Technologies Ltd.
  • James S. Turley, Chairman and Chief Executive Officer, Ernst & Young
  • Dieter Zetsche, Chairman of the Board of Management, Daimler AG


  • Henrik Müller, Deputy Editor-in-Chief, manager magazin
  • Frederik Pleitgen, Berlin Correspondent, CNN

7:45 - 8:00 p.m. Art Installation
by Marina Landia, Audiovisual Artist

8:00 p.m. Reception

Program, July 2

Program, July 2

8:00 - 9:00 a.m. Breakfast hosted by The Economist
Jonathan Rosenthal, European Finance and Business Correspondent, The Economist

9:00 - 9:10 a.m. Introduction
Lars-Hendrik Röller, President, ESMT

9:10 - 10:00 a.m. Keynote Address
Mario Monti, President, Bocconi University, Milan, and Honorary President of Bruegel

10:00 a.m. - 12:30 p.m. Panel I - The Governance of Financial Markets
The recent turmoil in financial markets has created an intense debate about their proper governance. Which types of government interference and regulation can cope with information asymmetry without creating new incentives for smart agents to bypass them or even exploit them for their own benefit? The panel will address these open questions regarding the merits and risks of more regulation in financial markets.


  • António Borges, Chairman, Hedge Fund Standards Board Ltd., and European Corporate Governance Forum
  • Hanns Ostmeier, President, BVK - German Private Equity and Venture Capital Association
  • Stefan J. Reichelstein, William R. Timken Professor of Accounting, Stanford GSB
  • Sures Sundaresan, Director of Research, Capula Investment Management, London


  • Michał Grajek, Assistant Professor, ESMT
  • Jörg Rocholl, Associate Professor, ESMT

10:00 a.m. - 12:30 p.m. Panel II - Beyond Deleveraging: New Perspectives for Banks and Corporations
Recession and deleveraging will dominate global financial markets at least throughout 2009. What are the lessons that banks and corporations can take from this crisis and how will this influence their future relationships? How will the financial markets be affected? The panel will discuss the emerging trends and assess their impact on financial institutions and corporations.


  • Elizabeth Corley, Chief Executive Officer, Allianz Global Investors Europe
  • Lutz Diederichs, Member of the Management Board, Bayerische Hypo- und Vereinsbank AG
  • Heinz-Walter Große, Vice Chairman of the Executive Board, B. Braun Melsungen AG
  • Jonathan Rosenthal, European Finance and Business Correspondent, The Economist

Moderator: Jan U. Hagen, Faculty Professional, ESMT and Head of Practice Group Financial Services, ESMT Customized Solutions

10:00 a.m. - 12:30 p.m. Panel III - Improving Decision Behavior
Based on their current research, the speakers will discuss aspects of financial decision making, while highlighting how judgment and decision making heuristics and biases have (or not) been a contributing cause to the current crisis. The panel discussion will also focus on newly relevant critical decision making concepts such as greed, over-commitment / confidence as well as consider timely decision aid concepts and tools.


  • Gerd Gigerenzer, Director, Max Planck Institute for Human Development
  • Daniel G. Goldstein, Assistant Professor of Marketing, London Business School
  • Robin M. Hogarth, ICREA Research Professor, Universitat Pompeu Fabra
  • Stephan Meier, Assistant Professor, Columbia Business School
  • Martin Weber, Chair of Business Administration and Finance, esp., University of Mannheim

Moderator: Jan U. Hagen, Faculty Professional, ESMT and Head of Practice Group Financial Services, ESMT Customized Solutions

10:00 a.m. - 12:30 p.m. Panel IV - Leading in Turbulent Times
The panel engages in a discussion of the role business leaders play in overcoming the current economic crisis and preventing future ones. The panelists will talk about the psychological challenges of leading people in crisis situations and share their views on instilling hope and positive spirit in organizations, as well as mobilizing people in challenging times.


  • Georg Graf Waldersee, Managing Partner – Germany, Switzerland, Austria (GSA), Ernst & Young
  • Manfred Kets de Vries, Distinguished Professor and Director of the Center for Leadership Development Research, ESMT; Raoul de Vitry d'Avaucourt Chaired Clinical Professor of Leadership Development; Director INSEAD Global Leadership Centre (IGLC)
  • Fred Luthans, George Holmes Distinguished Professor of Management, Nebraska, and Editor, Organizational Dynamics
  • Charles O'Reilly, Frank E. Buck Professor of Management, Hank McKinnell Pfizer Inc. Director of the Center for Leadership Development and Research, Standford GSB

Moderator: Konstantin Korotov, Associate Professor, ESMT

12:45 - 1:05 p.m Closing Address
Alexander Landia, Chairman of the Board of Directors, Siberian Coal Energy Company, Moscow

1:05 - 1:15 p.m. Closing Remarks
Lars-Hendrik Röller, President, ESMT

1:30 p.m- Lunch BBQ