TIGFI Conference
Investment in the Knowledge Economy
Governance rules and metrics for
Sustainable Growth
23 April 2013
Deloitte
560, rue de Neudorf
L-2220 Luxembourg
Contents
1 Foreword
5
2 Agenda
5
3 Speakers’ biographies
7
1 Foreword
Europe has set “smart, sustainable and inclusive growth” as a goal for 2020. This is in reaction
to an economy judged to be short-termist and excessively focused on finance

A knowledge economy based on innovation, human capital and the relationship
between stakeholders is best suited to achieve this goal. But if such an economy is to
create the wealth and employment opportunities of which it is capable it requires an
appropriate system of governance involving an interaction between business, financial
and public players

What are the best practices by which a company can extract a sustainable
performance from its intangible assets while managing the risks involved?

What financial and non-financial information needs to be provided to the markets?

How can the public sector and a socially integrated economy value and develop their
intangible assets?

What should financial market participants (investors, analysts, rating agencies…) do to
activate and finance investment in the knowledge economy?

What policies are needed to create a legal, business and fiscal environment that will
best favour the knowledge economy?
“Nothing can stop an idea in action once its time has come” (Victor Hugo).
“There is a tide in the affairs of men, which, taken at the flood, leads on to fortune”
(Shakespeare)

Has the hour of the knowledge economy arrived?

Why, how and what is the outlook?
These are the questions which the panellists will discuss with participants.
Deloitte, TIGFI Conference
5
2 Agenda
Time frame
Subject
Speaker
16.00 – 16.05
Welcoming
David Clark,
Executive Director, TIGFI
16.05 – 16.15
Introduction by Ministry of Economy,
New Technologies &Life Sciences
Patrizia Luchetta,
Director New Technologies &Life
Sciences, Ministry of Economy and
of Foreign Trade
16.15 – 16.35
Main challenges of the economy of
intellectual assets by
Marie-Ange Andrieux,
Co Chairperson of the Association
Femmes Experts-Comptables
Administrateurs
16.35 – 16.55
Governance Rules for Intangible
assets by EFFAS representative
Anne-Laure Mention, Head of
Research Unit, Public Research
Centre Henri Tudor
Stefano Zambon, Full Professor
and Chair of Accounting and
Business Economics at the Faculty
of Economics, University of
Ferrara, Italy
17.15 – 18.05
Panel Discussion moderated by
David Clark
Executive Director, TIGFI
Marie-Ange Andrieux
Co Chairperson of the Association
Femmes Experts-Comptables
Administrateurs
Anne-Laure Mention, Stefano Zambon
Head of Research Unit, Public
Research Centre Henri Tudor
Full Professor and Chair of
Accounting and Business
Economics at the Faculty of
Economics, University of Ferrara,
Italy
Patrizia Luchetta
Deloitte, TIGFI Conference
Director New Technologies &Life
Sciences, Ministry of Economy and
5
of Foreign Trade
Ingo Rollwagen
Senior Analyst, Deutsche Bank
Research
Harald Gruber
Head of Division, Digital Economy
and Education, EIB
Susan Alexander
Founder of Minerva
Eric van de Kerkhove
Member of the board of Trustees
Federation Handicap International
18.05 – 18.20
Q&A
18.20 – 18.25
Conclusion
18.25
Cocktail
Deloitte, TIGFI Conference
6
3 Speakers’ biographies
David Clark, Executive Director, TIGFI
David Clark is Managing Director of Belair Advisors sàrl, a Luxembourg company
specialising in public affairs consulting in the areas of financial markets, competition
and health care. He is a member of the Conciliation Panel at the International
Capital Market Association and a member of the Market Structure Committee of the
European Federation of Financial Analyst Societies. Until 2007 he was Head of
Funding at the European Investment Bank. Prior to joining EIB he worked for 24
years in emerging market lending, trade finance, project and export finance as well
as fixed income and derivative markets located in London, Cairo, New York and
Stockholm. He is a graduate of Oxford University where he read Politics, Philosophy
and Economics
Patrizia Luchetta, Director New Technologies &Life Sciences,
Ministry of Economy and of Foreign Trade
Patrizia has been with the Ministry of Economy since September 2006. She began
her career in the industrial and financial sectors, primarily in the fields of marketing
and public relations.
In 1996 she joined the Luxembourg social-democratic group as a parliamentary
attaché, helping to formulate budgetary, economic and environmental policy. In this
function she defended the group’s views in task forces at the European Union level,
including fiscal policy and banking legislation
Her experience also includes working with PAM, a California based public affairs
group specializing in environmental concerns.
Within the Ministry of the Economy she has been the lead agent in developing the
Health Sciences and Technologies Hub, to bring expanded research, business and
job opportunities to the Luxembourg economy. Her expertise over a wide range of
disciplines has been instrumental in the success of this program. She’s recently
been given the responsibility of refining the Ministry’s strategic orientation with
regard to clean / green technologies.
Patrizia sits on the Board of the Integrated Biobank of Luxembourg (IBBL), of
Luxembourg’s National Health Laboratory and of the European Personalized
Medicine Association (Epemed). She is also board member of the energy company
Enovos international S.A.
Patrizia received both her Bachelor of Science degree in Social Science and
Masters of Arts degree in Social Science from the Open University. She is member
of the International Institute for Management Development (IMD), Lausanne. Patrizia
has recently completed a specialized Biotech Management Programme at IE
Business School (Madrid).
Deloitte, TIGFI Conference
7
Marie-Ange Andrieux, Co Chairperson of the Association
Femmes Experts-Comptables Administrateurs
Public Accountant, and a graduate of HEC and Sciences-Po (Paris School of
Economy), Marie- Ange Andrieux also holds a Master’s degree in business law.
After a career in international audit and consulting firms PwC, Mazars, Deloitte
(successively as Head of valuation services, corporate finance, strategy and
partnerships), she is currently partner of Strateva, an independent consulting firm in
strategic and financial valuation.
Expert in governance matters, Marie-Ange Andrieux chairs the International
Committee and is a Member of the College of Institut Français des Administrateurs –
IFA (French Institute of Directors). She co-chairs the Association des Femmes
Experts-Comptables Administrateurs (French chartered accountant women on board
association). She is a Member of Women Corporate Directors – WCD. She is a
member of the Policy Committee of Ecoda (European Confederation of Directors
Association). She co-chairs EWOB (European Women on Board). She is member of
the Board of not for profit organizations.
Renowned expert in intellectual capital and intangible assets, she is member of
Executive Committee of GPS (services business Association, closed to Medef),
where she co-chaired during 5 years the Innovation and IC commission and is now
Senior Advisor to the Chairman, leading works in the field of human capital. She
heads the Sciences-Po for knowledge economy Forum.
She is a member of “Société d’Economie Politique” and of the Executive Committee
of Club HEC Finance and of “Académie de Comptabilité”.
Marie-Ange Andrieux is Knight of the French Legion of Honor
Stefano Zambon
Prof. Stefano Zambon is a leading scholar in the field of intangibles and intellectual
capital. He is currently Chair of Accounting and Business Economics at the
University of Ferrara, Italy. Ph.D. and M.Sc. from London School of Economics, and
B.Sc from University of Venice. Director of the “CFO Master Programme” at the
University of Ferrara. Visiting scholar at London Business School; ESCP, HEC, and
CNAM in Paris; the Universities of Reading, Melbourne, Boston, Metz, Canterbury
(NZ), Waseda (Tokyo), Bolzano/Bozen, Trento, and the Stern School of Business
(NYU). In 2009-2013 he has been a Vice-President (Conferences) of the
International Association for Accounting Education and Research (IAAER). Member
of the editorial boards of various international scientific journals. He has published
several books and articles in international journals in the areas of management and
reporting of intangibles, international financial reporting, and accounting history. He
has been the coordinator of the 2003 Study for the European Commission on the
measurement of intangible assets, and a member of the expert group that has
written in 2006 the EC Study "RICARDIS" on Intangibles in research-based SMEs.
Invited key-note speaker at OECD, United Nations, European Parliament, European
Commission, and French, Chinese and Japanese Governments’ events on
intangibles. Founding member of the Global Network “World Intellectual Capital
Initiative” (WICI - www.wici-global.com), he is Chairman of WICI Europe and Deputy-
Deloitte, TIGFI Conference
8
Chairman of WICI Global. In January 2013 he has been appointed as a member of
the European Commission's Expert Group on "Valuation of IP".
Ingo Rollwagen, Senior Analyst, Deutsche Bank Research
Ingo Rollwagen is a Senior Analyst for Deutsche Bank Research, the think tank of
Deutsche Bank. His work consists of corporate foresight and strategic support for
the board members and clients of Deutsche Bank. He is monitoring developments
in education systems and markets; identifying emerging value-creation
opportunities of different industries in the structural transition knowledge economy.
Before joining Deutsche Bank Research, he has been working for several years for
DaimlerChrysler´s Society and Technology Research Group in Berlin, on foresight
and strategic projects for different business units of DaimlerChrysler and other
institutions. Ingo has a strong background in technical studies, sociology, strategic
communication, business administration, organisational design, economics and
moderation techniques. He has been working as an expert for the European
Commission on "Global Europe in 2030/2050", several regional and national
governments and other institutions concerning education, lifelong learning,
technology assessment, foresight and future technological, societal and economical
developments.
Harald Gruber, Head of Division, Digital Economy and
Education, EIB
Harald Gruber is head of the Digital Economy and Education division at the Projects
Directorate of the European Investment Bank based in Luxembourg. He oversees
project appraisal and has contributed to the Bank’s strategy papers on the
telecommunications and education sector as well as the knowledge economy in
general.
He has recently published The Economics of Mobile Telecommunications at
Cambridge University Press. He has co-authored articles in particular on the mobile
telecommunications sector in scholarly journals such as Economic Policy, European
Economic Review, Telecommunications Policy, Information Economics and Policy
and International Journal of Industrial Organisation. He has been professor at
Bocconi University (Milan) for telecommunications economics. Previously he has
researched the semiconductor industry, publishing several articles and a book titled
Learning and Strategic Product Innovation. Theory and Evidence for the
Semiconductor Industry (North Holland). He is on the editorial board of
Telecommunications Policy and Information Economics and Policy.
Harald Gruber holds a Ph.D. in Economics from the London School of Economics.
Deloitte, TIGFI Conference
9
Eric van de Kerkhove, Member of the board of Trustees
Federation Handicap International
Eric van de Kerkhove is mainly active as Independent Director with the Financial
Industry in Luxembourg and in Charities and companies dealing with Heath and
Handicap.
After he passed his MBA at Sup de Co Rouen in France, he started his career with
Touch Ross in Paris and Montreal where he worked for 6 years before joining
Deloitte Luxembourg in 1988. He also became a member of the Institut des
Réviseurs d’Entreprises (IRE) in Luxembourg in 1989. Eric was a member of the
Board of the IRE in Luxembourg during 12 years.
His professional experience over the past 30 years includes audit and advisory
assignments serving primarily the banking and asset management industries,
mainly for clients from France, Canada, Luxembourg and Sweden. Eric has also
served among the largest listed entities in Luxembourg.
Eric was a member of the CSSF Investment Funds Committee since 2000. In
addition, he was member of Board of the ILA (Institut Luxembourgeois des
Administrateurs) since 2006. Eric is member at the exco and board of The Institute
of Global Financial Integrity (TIGFI).
Susan Alexander, Founder of Minerva
Susan Alexander is a researcher and author and has been working in the field of
intangibles for a decade, when she organised the first conference on intellectual
capital in Luxembourg in 2003.
A native New Yorker, Susan came to Luxembourg in 1989 after nearly a decade
on Wall Street, where she was a Vice President and head of derivative, fixed
income and international market research at Oppenheimer and Co.
Susan is the founder of Minerva, which specialises in the areas of economics and
the financial markets and public policy. Her main work is as an expert with various
Directorates of the European Commission, with a particular focus on research and
innovation policy.
Susan is completing a PhD at Fielding University in California. He
Anne-Laure Mention, Head of Research Unit, Public Research
Centre Henri Tudor
Dr. Anne-Laure Mention is leading a research unit focusing on innovation
economics and management within the Public Research Centre Henri Tudor,
Luxembourg. She is actively involved in research projects, mainly focusing on
innovation and performance measurement and management in the financial and
business to business services industries.
Deloitte, TIGFI Conference
10
Her research interests mainly concentrate on open and collaborative innovation,
intellectual capital measurement and management, innovation and technology
management. She has been a Visiting Researcher at McGill University, Canada
and Ferrara University, Italy.
She received an IBM Faculty Award for the project entitled ‘Towards accrued
transparency of operations in the fund industry’ in 2011 focusing on organisational
innovation and an award for the project entitled “Measuring the impact of Open
Innovation” in 2013. She is also a founding member of WICI, LUXIC (Luxembourg
Association promoting Intellectual Capital measurement and management), and the
Deputy Head of the ISPIM Advisory Board.
She is also a member of several scientific committees and editorial boards and a
member of the New Club of Paris. She is one of the founding editors of a new
journal focusing on innovation management.
Deloitte, TIGFI Conference
11
Deloitte, TIGFI Conference
12
Notes
Deloitte, TIGFI Conference
13
Notes
Deloitte, TIGFI Conference
14
Organisers
Deloitte is a multidisciplinary service organisation which is subject to certain regulatory and professional restrictions on the types of
services we can provide to our clients, particularly where an audit relationship exists, as independence issues and other conflicts of
interest may arise. Any services we commit to deliver to you will comply fully with applicable restrictions.
Due to the constant changes and amendments to Luxembourg legislation, Deloitte cannot assume any liability for the content of
this leaflet. It shall only serve as general information and shall not replace the need to consult your Deloitte advisor.
About Deloitte Touche Tohmatsu Limited:
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network
of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/lu/about for a detailed
description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries.
With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and highquality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the
region of 200,000 professionals, all committed to becoming the standard of excellence.
© 2013 Deloitte General Services
Designed and produced by MarCom at Deloitte Luxembourg