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ECGI APPOINTS 5 NEW FELLOWS

Milan, 9 March 2005. The European Corporate Governance Institute (ECGI) today announces the appointment of five new Fellows of the Institute drawn from academia in Europe and North America. They augment the 21 inaugural Fellows who were nominated in 2002 and an additional 6 nominated in 2003.

The new Fellows are:

Professor Bernard S. Black, Hayden W. Head Regents Chair for Faculty Excellence and Professor of Law, School of Law, University of Texas at Austin

Professor Brian Cheffins, S.J. Berwin Professor of Corporate Law, Cambridge University

Professor Paul Davies, Cassel Professor of Commercial Law, London School of Economics and Political Science (LSE)

Professor Guido Ferrarini, Professor of Law, University of Genoa and Director of the Centre of Law and Finance

Professor René M. Stulz, Everett D. Reese Chair of Banking and Monetary Economics, The Ohio State University and Director, The Dice Center for Financial Economics

These Fellows were nominated by the ECGI's Fellowship Committee chaired by Professor Marco Pagano, Professor of Economics, Università di Salerno.

The ECGI, which was founded in 2002, is an international scientific non-profit association. It provides a forum for debate and dialogue between academics, legislators and practitioners, focusing on major corporate governance issues and thereby promoting best practice.

Its primary role is to undertake and disseminate impartial and objective research on corporate governance and undertake any other activity that will improve understanding and exercise of the highest standards in corporate governance. ECGI Fellows provide intellectual leadership and inspiration for the Institute as it seeks to achieve its aims.

- ENDS-

For further information:

Antonio Borges, Chairman, ECGI (antonio.borges@ecgi.org, +44-20-7774.9299)
Marco Becht, Executive Director, ECGI (marco.becht@ecgi.org, +32-2-650.4466)

Notes for Editors

1. The biographies and photographs of these new Fellows can be found on the ECGI website through http://www.ecgi.org/members_directory/fellows2005.php

2. A list of all 32 ECGI Fellows can be found on the ECGI website at the following page:
http://www.ecgi.org/members_directory/fellows.php

3. The composition and remit of ECGI’s Fellowship Committee can be found at: http://www.ecgi.org/committees/fellowship.htm