Ethics in Finance Robin Cosgrove Prize

Geneva, 22nd October 2009: Today the “Ethics in Finance Robin Cosgrove Prize” will be awarded to seven young people who submitted winning papers on INNOVATIVE IDEAS FOR ETHICS IN FINANCE.

The financial crisis was largely triggered when trust in financial markets was destroyed by lack of transparency and evidence of the absence of ethical behaviour by many in the banking and financial business. The crisis has proved the relevance of the Prize for Ethics in Finance and Robin Cosgrove’s vision of the threat posed by lack of integrity, trust and ethical practice in banking and finance.

The winners of the Global Prize, now in its second edition, are jointly Elise Pellerin and Marie Casimiro, both French, for their paper on “The need for order in the disorder of finance” (Du bon usage de l’Ordre dans le désordre de la finance) who will together receive USD8,000, and Geoffrey See, from Singapore, who wrote on “Internationalism, Institutions & Individuals: Systemic Changes for a Systemic Ethical Crisis” (who will receive USD 8,000). Meredith Benton, of USA, wrote on “Innovative Ideas for Ethics in Finance” (she will receive USD4,000).

In addition, the International Jury of the Prize awarded a “Special Commendation” to David Sifah of Ghana for his excellent paper on “Financial Ethics”. His participation in the Award Ceremony is made possible by Barclays Bank.

The new Ibero-American Prize, sponsored by the MAPFRE (Madrid), is won by
Leire San-José (Assistant Professor and Research Fellow, University of the Basque Country) on " Ethical Cash Management? A Possible Solution", with a prize money of 10,000USD. The second Prize (5,000USD) is awarded to Felippe Araujo (a Brazilian Phd student in Japan) who wrote on " Ethics: the key to Credibility".

The best eight papers from the two competitions are published today in a special issue of FINANCE & THE COMMON GOOD/BIEN COMMUN [Geneva, 2009], and may be found on the website of the Robin Cosgrove Prize for Ethics in Finance.

The Prize, based in Geneva, is managed jointly by the Observatoire de la Finance and Dr Carol Cosgrove-Sacks. The best 28 papers submitted for the Prize were evaluated by a distinguished international Jury. The process for evaluation was strictly anonymous. The Prizes are awarded in the context of the Annual Meeting of the Observatoire, focusing this year on Ethics, Finance & Responsibility – the Crisis: Wasted Opportunities?

The 2009 editions of the Prize attracted more than 125 expressions of interest and an overall excellent quality of entries. The third edition of the global Prize and the second edition of the Ibero-American Prize will be launched in Spring 2010.

For more information, please contact the Prize Administrator, Ms Sibilla La Spina, Telephone +41(0)223463035 and email: