Professor Gordon L. Clark
Senior Consultant and Emeritus Professor
Profile
Professor Gordon L Clark DSc (Oxon) FBA was Director of the Smith School of Enterprise and the Environment from 2013 to 2018. He continues as a Senior Consultant and Emeritus Professor at the Smith School of Enterprise and the Environment, with cross-appointments in the Saïd Business School and the School of Geography and the Environment at Oxford University. He holds a Professorial Fellowship at St Edmund Hall, Oxford. He is as well, Sir Louis Matheson Distinguished Visiting Professor at Monash University's Faculty of Business and Economics (Melbourne) and a Visiting Professor at Stanford University. Previous academic appointments have been at Harvard's Kennedy School of Government, Harvard Law School (Senior Research Associate), the University of Chicago, Carnegie Mellon's Heinz School and Monash University. Other honours include being Andrew Mellon Fellow at the US National Academy of Sciences and Visiting Scholar Deutscher Akademischer Austausch Dienst at the University of Marburg.
He has held a number of senior administrative posts including Associate Dean (Finance, Graduate Studies) and Dean of the Faculty of Arts at Monash University (Melbourne), Chair of the Faculty Board of Anthropology and Geography (Oxford), and most recently Director and Head of the Oxford University Centre for the Environment. Professor Clark has served on the Social Science Committee of the British Academy, has been an elected member of the Oxford University's Socially Responsible Investment Committee, is an employer-nominated trustee of the Oxford Staff Pension Scheme, is a consultant to MetallRente GmbH, is a Founding Governor of the UK Pension Policy Institute, is the External Advisor to Diageo's Executive Environmental Working Group, and serves on the advisory board of Arabesque. He was a consultant to the Swedish Government's Buffer-fund inquiry, and advised The Kay Review on Equity Markets and Long-Term Decision Making. He is currently advising the Australian Fraser Review of pension fund governance.
An economic geographer, he is interested in the responsibilities and behaviour of investors as regards long-term sustainable investment. This has involved research on institutions' proxy-voting behaviour, the strategies of corporate engagement given concerns about environmental liabilities and the sensitivity of firms to brand image and reputation, the regulation of corporate disclosure on issues related to environment and social responsibility, and the governance of investment institutions that have an explicit long-term mandate. His current research focuses upon the governance of investment decision-making in the context of market volatility and long-term obligations. In part, this project has developed in collaboration with Oxford colleagues and graduate students as well as the PRI, Mercer, the Telos Project, Towers Watson, and the project led by Professor Tessa Hebb at Carleton University (Ottawa) funded by the Social Science and Humanities Research Council of Canada. Recent related books include the co-edited Managing Financial Risks: From the Global to the Local (OUP 2009) (with Ashby Monk and Adam Dixon), and The Geography of Finance (OUP 2007) (with Dariusz Wójcik).
Related research is focused on the design and management of investment institutions including reference to insourcing, out-sourcing, and off-shoring activities and the demand and supply of financial services relevant to pension funds, endowments, and sovereign wealth funds. Papers on this topic have been published in the Journal of Economic Geography (2013), Environment and Planning A (2014), and Place, Territory and Governance (2014). With Adam Dixon and Ashby Monk, his monograph on the governance and legitimacy of sovereign wealth funds was published by Princeton University Press in 2013. His new book on the organization and management of financial institutions with Ashby Monk will be published by OUP in 2017.
His research on household financial decision-making has focused on long-term saving utilising theories and methods from the behavioural and social sciences in the context of risk and uncertainty. Papers on this topic have been published in the Transactions IBG (2007), Ageing and Society (2008), Environment and Planning A (2009), Pensions: An International Journal (2009), the Journal of Economic Geography (2010) and Urban Studies (2011) supported, in part, by the ESRC, Mercer and Towers Wyatt. With Kendra Strauss and Janelle Knox-Hayes, he is co-author of Saving for Retirement (OUP, 2012). His latest research utilising a large data base of more than 550,000 pension plan participants over 10 years in conjunction with the Monash-CSIRO project. Recent papers available on ssrn.com deal with gambling behaviour, advice-seeking, and decision-making.
Projects
Teaching
MSc in Nature, Society and Environmental Policy
Corporate Environmental Management: The course informs students wishing to act as internal or external change agents for driving corporate environmental performance, as well as those wishing to understand the nature of the modern corporation for research purposes. The course is supported by a selection of practical and academic readings and by class discussion of relevant case studies used to illustrate the points of each lecture.
Corporate Social and Environmental Accountability: In this course, we consider the relationship between corporate responsibility and the role of financial markets in driving the long-term environmental decision-making of corporations. This provides us a way of understanding globalisation, corporate social and environmental standards, and the role of institutional investors in the global economy.
Current Graduate Research Students
- Pablo Astudillo-Estévez | Path dependence, reinforcement mechanisms and economic complexity in commodity-exporting countries
- Paulo de Souza | Can society and corporations share the same perspective on sustainability? Should they?
Recent Graduate Research Students (since 2006)
- Micol Chiesa | Completed DPhil in 2020 | Do firms forget about the environment? Evidence from publicly listed corporations
- Xuanyi Sheng | Completed DPhil in 2020 | The governance and management of public-private partnerships bringing together stakeholders in the realization of complex engineering projects - One Belt One Road Initiative
- Theodor Cojoianu | Completed DPhil in 2019 | Environmental investment strategies across the investment value chain: addressing the investment gap in clean technologies - from asset owners to entrepreneurs
- Jennifer Gooden | Completed DPhil in 2019 | From William James to Twenty-First Century landowners: perspectives on private land conservation
- Aniket Shah | Completed DPhil in 2019 | The economic geography of development banking for sustainable development
- Pierre-Louis Choquet | Completed DPhil in 2018 | Fragmented horizons: multinational firms and ethical life in the Anthropocene
- Elizabeth Harnett | Completed DPhil in 2018 | The diffusion of responsible investment discourses and practices: the role and impact of investment consultants
- Christopher Kaminker | Completed DPhil in 2018 | The role of institutional investors in financing sustainable energy
- Stephanie Mooij | Completed DPhil in 2018 | The (mis)alignment of ESG perspectives in the investment chain. A cross-country analysis of the obstacles facing companies, asset managers and asset owners.
- Michael Urban | Completed DPhil in 2018 | Placing the production of investment returns: an economic geography of asset management in public pension plans
- Laura-Marie Töpfer | Completed DPhil in 2017 | Mapping Chinese cross-border finance: actors, networks and institutional development
- Irem Kok | Completed DPhil in 2016 | Politics of transparency: contested spaces of corporate responsibility, science and regulation in shale gas projects of the UK and US
- Yukie Saito | Completed DPhil in 2016 | Corporate engagement for sustainable business in development
- Yin Yang | Completed DPhil in 2016 | The economic geography of urban water infrastructure investment and governance - a comparison of Beijing and London
- Heather Hachigian | Completed DPhil in 2015 | Governance frameworks for responsible investing: the case of sovereign sponsored funds.
- Sarah-Jane Littleford | Completed DPhil in 2015 | For the benefit of current and future generations: prospects for intergenerational equity in South Africa
- Sarah McGill | Completed DPhil in 2015 | The economic governance of global commodity markets
- Dane Rook | Completed DPhil in 2015 | Doxastic spaces: a new approach to relational beliefs and unstable neglect
- Alex Money | Completed DPhil in 2014 | Corporate water risk and return
- Aisha Saad | Completed DPhil in 2014 | Contesting corporate social responsibility: public challenges to the modern corporation in the 21st Century
Selected publications
Working papers
You can find Professor Gordon Clark's Working Papers available from the Centre for Employment Work and Finance (CEWF) webpage.
Books
- Clark, G.L., Feldman, M.P., Gertler, M.S. and Wójcik, D. (2018) The New Oxford Handbook of Economic Geography. Oxford University Press, Oxford, UK. pp. 976. ISBN: 9780198755609.
- Clark, G.L. and Monk, A.H.B. (2017) Institutional Investors in Global Markets. Oxford University Press. pp. 288. ISBN: 9780198793212.
- Clark, G.L., Dixon, A.D. and Monk, A.H.B. (2013) Sovereign Wealth Funds: Legitimacy, Governance and Global Power. Princeton University Press. pp. 236. ISBN: 9780691142296.
- Clark, G.L., Strauss, K. and Knox-Hayes, J. (2012) Saving for Retirement. Oxford University Press, Oxford. pp. 224. ISBN: 978-0-19-960085-4.
- Clark, G.L., Dixon, A.D. and Monk, A.H.B. (eds.) (2009) Managing Financial Risks: From Global to Local. Oxford University Press, Oxford. pp. 304. ISBN: 9780199557431.
- Clark, G.L. (2008) Pension Fund Capitalism. China Financial Publishing House. (Chinese translation).
Journal articles
- Cojoianu, T.F., Ascui, F., Clark, G.L., Hoepner, A.G.F. and Wójcik, D. (2021) Does the fossil fuel divestment movement impact new oil and gas fundraising? Journal of Economic Geography, 21(1): 141-164.
- Cojoianu, T.F., Clark, G.L., Hoepner, A.G.F., Pazitka, V. and Wójcik, D. (2020) Fin vs. tech: are trust and knowledge creation key ingredients in fintech start-up emergence and financing? Small Business Economics.
- Cojoianu, T.F., Clark, G.L., Hoepner, A.G.F., Veneri, P. and Wójcik, D. (2020) Entrepreneurs for a low carbon world: How environmental knowledge and policy shape the creation and financing of green start-ups. Research Policy, 49(6).
- Innocenti, S., Clark, G.L., McGill, S. and Cuñado, J. (2019) The effect of past health events on intentions to purchase insurance: evidence from 11 countries. Journal of Economic Psychology, 74: 1-21. 102204.
- Clark, G.L. (2018) Learning-by-doing and knowledge management in financial markets. Journal of Economic Geography, 18(2): 271-292.
- Clark, G.L., McGill, S. and Cuñado, J. (2018) Migrant workers, self-reliance, and the propensity to hold income protection insurance by country of residence. Geographical Research.
- Clark, G.L. (2017) Financial intermediation, infrastructure investment and regional growth. Area Development and Policy, 2(3).
- Clark, G.L. and Urwin, R. (2017) The Outsourced Chief Investment Officer Model of Management and the Principal–Agent Problem. The Journal of Retirement, 4(3): 28-41.
- Christopherson, S., Clark, G.L. and Whiteman, J. (2015) Introduction: the Euro crisis and the future of Europe. Journal of Economic Geography, 15(5): 843-853.
- Clark, G.L. (2015) The Components of Talent: Company Size and Financial Centres in the European Investment Management Industry. Regional Studies, 50(1): 168-181.
- Clark, G.L. (2015) The geography of the European Central Bank: form, functions and legitimacy. Journal of Economic Geography, 15(5): 855-881.
- Clark, G.L. and Monk, A.H.B. (2015) The production of investment returns in spatially-extensive markets. The Professional Geographer, 67(4): 595-607.
- Clark, G.L., Lai, K.P.Y. and Wójcik, D. (2015) Editorial Introduction to the Special Section: Deconstructing Offshore Finance. Economic Geography, 91(3): 237-249.
- Clark, G.L., McGill, S.M., Saito, Y. and Viehs, M. (2015) Shareholder engagement in responsible investing: evidence from a UK institutional investor’s strategy in Japan. Annals in Social Responsibility, 1(1): 30-56.
- Bachher, J.S., Clark, G.L., Monk, A. and Sridhar, K. (2014) “The Valley of Opportunity”: Rethinking Venture Capital for Long-Term Institutional Investors. Alternative Investment Analyst Review, 3(1): 63-75.
- Clark, G.L. (2014) Financial Literacy in Context: A rejoinder. Economic Geography, 90(1): 29-31.
- Clark, G.L. (2014) Roepke Lecture in Economic Geography - Financial literacy in context. Economic Geography, 90(1): 1-23.
- Clark, G.L. and Monk, A.H.B. (2014) State and local pension fund governance and the process of contracting for investment services: the scope of diversity and the problem of embeddedness. Territory, Politics, Governance, 2(2): 150-172.
- Clark, G.L. and Monk, A.H.B. (2014) The geography of investment management contracts: the UK, Europe and the global financial services industry. Environment and Planning A, 46(3): 531-549.
- Bodman, A.R., Christopherson, S.M., Clark, G.L. and Gertler, M.S. (2013) Editorial: Wrigley’s project. Journal of Economic Geography, 13(2): 203-210.
- Clark, G.L. (2013) Mapping financial literacy: cognition and the environment. Geografiska Annaler: Series B, Human Geography, 95(2): 131-145.
- Clark, G.L. (2013) The Kay Review on Long-Horizon Investing: A Guide for the Perplexed. Rotman International Journal of Pension Management, 6(1): 58-63.
- Clark, G.L. and Monk, A.H.B. (2013) Financial institutions, information and investing-at-a-distance. Environment and Planning A, 45(6): 1318-1336.
- Clark, G.L. and Monk, A.H.B. (2013) The scope of financial institutions: in-sourcing, outsourcing and off-shoring. Journal of Economic Geography, 13(2): 279-298. Appears in: Special Issue: Global Retail and Global Finance – Honouring Neil Wrigley.
- Gerrans, P. and Clark, G.L. (2013) Pension plan participant choice: Evidence on defined benefit and defined contribution preferences. Journal of Pension Economics and Finance, 12(4): 351-378.
- Clark, G.L. (2012) From corporatism to public utilities: workplace pensions in the 21st Century. Geographical Research, 50(1): 31-46.
- Clark, G.L. (2012) Pensions or property? Environment and Planning A, 44(5): 1185-1199.
- Clark, G.L. and Monk, A. (2012) Modernity, Imitation and Performance: Sovereign Funds in the Gulf. Business and Politics, 14(1 (Article 1)).
- Clark, G.L. and Monk, A.H.B. (2012) Sovereign Wealth Funds: Form and functions in the 21st Century. CAPCO Journal, 33: 17-27.
- Clark, G.L., Almond, S. and Strauss, K. (2012) The home, pension savings and risk aversion: intentions of the defined contribution pension plan participants of a London-based investment bank at the peak of the bubble. Urban Studies, 49(6): 1251-1273.
- Burger, C. and Clark, G.L. (2011) The German model of risk distribution in supplementary occupational pensions. The Journal of Risk, 13(3).
- Burger, C., Clark, G.L., Franzen, D., Heldmann, J. and Karch, H. (2011) Betriebliche altersvorsorge in Deutschland - ergebnisse einer expertenumfrage. Betriebliche Altersversorgung, 1: 64-72.
- Clark, G.L. (2011) Myopia and the global financial crisis: Context-specific reasoning, market structure and institutional governance. Dialogues in Human Geography, 1(1): 4-25.
- Clark, G.L. and Knight, E.R.W. (2011) Temptation and the virtues of long-term commitment: the governance of sovereign wealth fund investment. Asian Journal of International Law, 1(2): 321-348.
- Clark, G.L. and Monk, A.H.B. (2011) Pension reserve funds: aligning form and function. Rotman International Journal of Pension Management, 4(2): 18-25.
- Clark, G.L. and Monk, A.H.B. (2011) The political economy of US-China trade and investment: the role of the China Investment Corporation. Competition and Change, 15(2): 97-115.
- Clark, G.L. and Urwin, R. (2011) DC pension fund best-practice design and governance. Benefits Quarterly, Fourth Quarter 2011: 36-49.
- Clark, G.L. (2010) Human nature, the environment and behaviour: explaining the scope and geographical scale of financial decision-making. Geografiska Annaler: B, Human Geography, 92(2): 159-173.
- Clark, G.L. (2010) Myopia and the global financial crisis: short-termism, context-specific reasoning and market structure. SPACES online, 8(2010-01).
- Clark, G.L. and Monk, A.H.B. (2010) Government of Singapore Investment Corporation (GIC): insurer of last resort and bulwark of nation-state legitimacy. The Pacific Review, 23(4): 429-451.
- Clark, G.L. and Monk, A.H.B. (2010) The legitimacy and governance of Norway's Sovereign Wealth Fund: the ethics of global investment. Environment and Planning, A, 42(7): 1723-1738.
- Clark, G.L. and Monk, A.H.B. (2010) The Norwegian government pension fund: ethics over efficiency. Rotman International Journal of Pension Management, 3(1): 14-19.
- Clark, G.L. and Urwin, R. (2010) Innovative models of pension fund governance in the context of the global financial crisis. Pensions: An International Journal, 15(1): 62-77.
- Clark, G.L., Durán-Fernández, R. and Strauss, K. (2010) 'Being in the market': the UK house-price bubble and the intended structure of individual pension investment portfolios. Journal of Economic Geography, 10(3): 331-359.
- Clark, G.L., Monk, A., Dixon, A., Pauly, L.W., Faulconbridge, J., Yeung, J.W. and Behrendt, S. (2010) Symposium: sovereign fund capitalism. Environment and Planning, A, 42(9): 2271-2291.
- Clark, G.L. and Knight, E.R.W. (2009) Implications of the UK Companies Act 2006 for institutional investors and the market for corporate social responsibility. University of Pennsylvania Journal of Business Law, 11(2): 259-296.
- Clark, G.L. and Knox-Hayes, J. (2009) The 'new' paternalism, consultation and consent: expectations of UK participants in defined contribution and self-directed retirement savings schemes. Pensions: An International Journal, 14(1): 58-74.
- Clark, G.L., Caerlewy-Smith, E. and Marshall, J.C. (2009) Solutions to the asset allocation problem by informed respondents: the significance of the size-of-bet and the 1/n heuristic. Risk Management and Insurance Review, 12(2): 251-271.
- Clark, G.L., Knox-Hayes, J. and Strauss, K. (2009) Financial sophistication, salience and the scale of deliberation in UK retirement planning. Environment and Planning A, 41(10): 2496-2515.
- Lee, R., Clark, G.L., Pollard, J. and Leyshon, A. (2009) The remit of financial geography - before and after the crisis. Journal of Economic Geography, 9(5): 723-727.
- Clark, G.L. (2008) Governing finance: global imperatives and the challenge of reconciling community representation with expertise. Economic Geography, 84(3): 281-302.
- Clark, G.L. and Monk, A.H.B. (2008) Conceptualizing the defined benefit pension promise: implications from a survey of expert opinion. Benefits Quarterly, First Quar: 7-31.
- Clark, G.L. and Strauss, K. (2008) Individual pension related risk propensities: the effects of socio-demographic characteristics and a spousal pension entitlement on risk attitudes. Ageing and Society, 28: 847-874.
- Clark, G.L. and Urwin, R. (2008) Best-practice pension fund governance. Journal of Asset Management, 9(1): 2-21.
- Clark, G.L. and Urwin, R. (2008) Making pensions boards work: the critical role of leadership. Rotman International Journal of Pension Management, 1(1): 38-45.
- Clark, G.L., Salo, J. and Hebb, T. (2008) Social and environmental shareholder activism in the public spotlight: US corporate annual meetings, campaign strategies and environmental performance, 2001-04. Environment and Planning A, 40(6): 1370-1390.
Book chapters
- Clark, G.L. (2017) The financial legacy of pension fund capitalism. Chapter 15 in, Martin, R. and Pollard, J. (eds.) Handbook on the Geographies of Money and Finance. Edward Elgar. pp. 348-376. ISBN: 978 1 78471 899 2.
- Clark, G.L. and Urwin, R. (2016) Best-Practice Pension Fund Governance. In, Satchell, S. (ed.) Asset Management: Portfolio Construction, Performance and Returns. Springer International Publishing. pp. 295-322. ISBN: 978-3-319-30793-0.
- Clark, G.L. and Viehs, M. (2016) Corporate Social Responsibility: The Case for Active Ownership by Institutional Investors. Chapter 17 in, Barton, D., Horváth, D. and Kipping, M. (eds.) Re-Imagining Capitalism: Building a Responsible Long-Term Model. Oxford University Press, Oxford. 368 pp. ISBN: 9780198785453.
- Clark, G.L. (2015) Geography of Finance. In, Wright, J.D. (ed.) International Encyclopedia of the Social and Behavioural Sciences, 2nd edition, vol. 9. Elsevier. pp. 177-182. ISBN: 9780080970868.
- Clark, G.L. (2015) The UK Pensions Crisis and Institutional Innovation: Beyond Corporatism and Neo-liberalism. 6. in, Torp, C. (ed.) Challenges of Aging: Pensions, Retirement and Generational Justice. Palgrave Macmillan. pp. 105-132. ISBN: 9781137283160.
- Clark, G.L., Hachigian, H., McGill, S., Molinari, C. and Wójcik, D. (2015) Addressing the challenges of transformation through sustainable investment. Chapter 46 in, Hebb, T., Hawley, J.P., Hoepner, A.G.F., Neher, A.L. and Wood, D. (eds.) The Routledge Handbook of Responsible Investment. Routledge, London. 740 pp. ISBN: 9780415624510.
- Burger, C. and Clark, G.L. (2013) Finanzkompetenz, institutionelle Rahmenbedingungen und Vorsorge. Chapter 6 in, Hurrelmann, K. and Karch, H. (eds.) Jugend, Vorsorge, Finanzen: Von der Generation Praktikum zur Generation Altersarmut. MetallRente/BeltzJuventa. pp. 154-174. ISBN: 978-3-7799-2881-2.
- Clark, G.L. and Woods, C. (2012) The impossible planetary trust: intergenerational equity, long-term investment and water governance and regulation. Chapter 10 in, Godfrey, J.M. and Chalmers, K. (eds.) Water Accounting: International Approaches to Policy and Decision-making. Edward Elgar. pp. 189-202. ISBN: 9781849807494.
- Clark, G.L. (2010) Brian Berry. Chapter 7 in, Hubbard, P. and R. Kitchin (eds.) Key Thinkers on Space and Place, 2nd edition. SAGE, London. pp. 63-68. ISBN: 9781849201025.
- Strauss, K. and Clark, G.L. (2010) The geographical pension gap: understanding patterns of inequality in UK occupational pensions. In, Coe, N. and A. Jones (eds.) The Economic Geography of the UK. SAGE, London. 280 pp. ISBN: 9781849200899.
- Clark, G.L. (2009) Institutional investors and risk management. Chapter 3 in, Clark, G.L., Dixon, A.D. and Monk, A.H.B. (eds.) Managing Financial Risks: From Global to Local. Oxford University Press, Oxford. pp. 69-94. ISBN: 9780199557431.
- Clark, G.L., Dixon, A.D. and Monk, A.H.B. (2009) Introduction. In, Clark, G.L., Dixon, A.D. and Monk, A.H.B. (eds.) Managing Financial Risks: From Global to Local. Oxford University Press, Oxford. pp. 1-26. ISBN: 9780199557431.
- Clark, G.L., Marshall, J.C. and Strauss, K. (2009) Financial knowledge. In, Kitchin, R. and Thrift, N. (eds.) International Encyclopedia of Human Geography. Elsevier, Oxford. pp. 159-166. ISBN: 9780080449104.
- Babcock-Lumish, T.L. and Clark, G.L. (2008) Pricing the economic landscape: global financial markets and the communities and institutions of risk management. In, Wescoat Jr., J.L. and Johnston, D.M. (eds.) Political Economies of Landscape Change. . 221 pp. ISBN: 978-1-4020-5848-6.
- Clark, G.L. (2008) Pension fund governance: expertise and organizational form. Chapter 2 in, Evans, J., Orszag, M. and Piggott, J. (eds.) Pension Fund Governance: A global perspective on financial regulation. Edward Elgar Publishing. pp. 9-29. ISBN: 978 1 84720 485 1.
- Clark, G.L. and Salo, J. (2008) Corporate governance and environmental risk management: a quantitative analysis of 'New Paradigm' firms. Chapter 5 in, Quarter, J., Carmichael, I. and Ryan, S. (eds.) Pensions at Work: Socially Responsible Investment of Union-Based Pension Funds. University of Toronto Press. 336 pp. ISBN: 9780802093103.
Other Publications
- Clark, G.L., Hebb, T. and Hagerman, L. (2008) Pension funds role in urban investing. Pensions and Investments, May 26.
Reports
- McGill, S.M., Clark, G.L. and Whiteside, N. (2017) Embracing the Income Protection Gaps Challenge: Options and Solutions. Report prepared for Zurich Insurance Group, Zürich.
- McGill, S.M., Cuñado, J. and Clark, G.L. (2016) Income Protection Gaps: Awareness, Behaviour, Choices. Report prepared for Zurich Insurance Group, Zürich.
- Clark, G.L., Blowfield, M., McElroy, C., Caldecott, B.L., McSharry, P., McDaniels, J., Tilbury, J., Krosinsky, C. and Chachoua, E. (2014) A new vision of value: connecting corporate and societal value creation. KPMG International, Amsterdam, Netherlands.
- Clark, G.L., Urwin, R., Allen, M.R., Wójcik, D., Molinari, C., and McGill, S.M. (2012) Project Telos: Addressing the Challenges of Transformation Through Sustainable Investing. Towers Watson, London
