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Article / Oct 10, 2015

Non-compliance is a competitive advantage in Europe

The Economist, 10 October 2015

 

Letter sent to the "The Economist", on 29 September 2015, by Guy Villax

Dear Sirs,
Your Leader (Dirty Secrets, September 26th 2015) is spot on:  fines alone won’t stop the Fifas, the GSKs, the Ranbaxys, the Volkswagens, the Libor scandals…  Profits from unscrupulous practices net of penalties still have positive NPVs.  Such unacceptable corporate behaviour will only cease when CEOs go to jail.  Yet in Europe our Regulators seem to be asleep at the wheel…  soccer and diesel cars are small in the US but really big in Europe, and yet the American authorities are the ones that take action.  How much longer will Europe allow non-compliance to be a competitive advantage ?  

 

Letter published by the "The Economist" on 10 October 2015

Such unacceptable corporate behaviour will only cease when chief executives go to jail. Yet in Europe our regulators are asleep at the wheel. Football and diesel cars are small in America and big in Europe, but it is the American authorities who have taken action in those two scandals. How much longer will Europe allow non-compliance to be a competitive advantage?

GUY VILLAX
Chief executive
Hovione
Loures, Portugal

 

 

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In an interview with Executiva, a portuguese media outlet focused on women´s leadership, Diane Villax, co-founder and long-standing leader of Hovione, reflects on her journey and the company’s development over more than six decades. Diane Villax’s career began at a time when few women worked outside the home. At 19, she joined a trading company as a foreign languages correspondent, where she developed essential business skills — including commercial correspondence, banking and export procedures — that later proved instrumental in helping her husband, Ivan Villax, establish Hovione in 1959. From its earliest days operating in the family home in Lisbon, Hovione adopted an international outlook. The company’s first major customers were in Japan, setting demanding quality standards that helped shape its long-term position in global markets. Over the following decades, Hovione expanded its footprint with the construction of its first manufacturing site in Loures (1969), followed by expansion to Macau (1986), the United States (New Jersey, early 2000s) and Ireland (Cork). The company grew into a global organization with more than 2,500 employees — including over 300 scientists — and a reputation as a preferred supplier to leading pharmaceutical companies worldwide. Throughout the interview, Diane highlights the values that have guided the company’s development: a commitment to excellence, a strong work ethic, and a focus on quality and long-term relationships. Although she did not have formal business training, she learned “on the job” and brought discipline, precision and structure to her role — particularly in the company’s early financial and administrative leadership. Now in her nineties and an active member of Hovione’s Board of Directors, Diane Villax remains engaged with the company’s evolution and governance, reflecting a continued commitment to its long-term development. Her story reflects entrepreneurial drive, resilience and long-term leadership — and offers insight into the values that have shaped Hovione’s trajectory for more than six decades. Read the full interview at Executiva.pt (in portuguese).    

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