Stephen Davis


Stephen M. Davis, Ph.D. is Project Director and Lecturer at the Yale University School of Management’s Millstein Center for Corporate Governance and Performance. He oversees global programming, covering capital markets, mutual fund governance, corporate board chairmanship, board-shareowner communications, voting standards and the Tomorrow’s Investor project. Dr. Davis co-authored (with Jon Lukomnik and David Pitt-Watson) The New Capitalists: How Citizen Investors are Reshaping the Corporate Agenda (Harvard Business School Press, 2006). Davis consults to institutional investors, professional associations and international organizations and edits the weekly Global Proxy Watch newsletter. He is a nonexecutive director of Hermes EOS, member of the International Investment Advisory Board of NYSE Euronext, and co-chair of the advisory board of the Shareowner Education Network. He co-founded the International Corporate Governance Network and was a member of the steering group which produced the UN Principles for Responsible Investment. Davis has a Ph.D. from the Fletcher School of Law and Diplomacy, Tufts University and BA from Tufts and the London School of Economics. Other books include Apartheid’s Rebels: Inside South Africa’s Hidden War (Yale University Press, 1987), which was nominated for a Pulitzer Prize.


The emerging civil economy hinges on the mobilization of accountability through the conscious, informed engagement of owners. In The New Capitalists, Lukomnik, Pitt-Watson and I tried to spotlight deficiencies in capital markets but also to highlight worldwide trends of reform. At the Millstein Center I am now focused on practical civil economy projects that help incubate market institutions aimed precisely at strengthening accountability within funds, at boards, and between these players. The Network for Sustainable Financial Markets is another important means by which agents of long-term citizen-savers can align capital markets with their interests.