School of Law

Sir Alexander Stone Lecture: 8 October 2026, 17:00

The inaugural lecture will be delivered by Professor Irene-marie Esser on 8 October 2026, with a response given by Lord Braid. Professor Irene-marie Esser was appointed to the Sir Alexander Stone Chair in Commercial Law during 2025 and will be hosting an annual lecture.

Purpose Under Pressure: Board Decision-Making in Times of Uncertainty

This lecture examines how boards translate corporate purpose into long-term decision-making and sustainable value creation under conditions of uncertainty.

Drawing on empirical research of collaborative projects with the Institute of Directors and the FTSE Women Leaders Review, and academic work on corporate purpose and stakeholder governance, it argues that purpose only becomes meaningful when boards possess the behavioural and institutional capacity to embed it within governance, strategy and collective judgement.

The lecture explores how the UK's governance framework, including section 172 of the Companies Act 2006 and the UK Corporate Governance Code, provides a foundation oriented toward long-term value creation, yet significant gaps persist between formal compliance and substantive board effectiveness. It further contends that governance failures frequently stem from behavioural deficiencies rather than structural inadequacies alone, and that cognitive diversity, independent challenge and effective chairmanship are essential conditions for purposeful governance.

The lecture concludes that corporate purpose is not a communications exercise or an ESG aspiration, but a practical governance mechanism enabling boards to navigate complexity, sustain institutional legitimacy and deliver long-term value in an increasingly uncertain environment.

Response to the lecture: Lord Braid (https://judiciary.scot/home/judiciary/judicial-office-holders/senators-of-the-college-of-justice/lord-braid)

Register for the lecture: Eventbrite registration