The world of economics mourns the sudden loss of Aldo Olcese, who passed away on March 3, 2025, at the age of 68 from a heart attack. His death, which came as a shock to many, highlights the extraordinary influence he had on both corporate social responsibility and financial governance throughout his distinguished career.
Born in 1957 in Tetuán, Morocco, Olcese was the son of Italian diplomats and moved to Madrid at the young age of eight. He attended the Italian Lyceum and graduated with a degree in Economics from the Complutense University of Madrid. Fluent in Spanish, Italian, French, and English, he quickly established himself within the financial sector, starting his career at Banco Urquijo under the guidance of former Bank of Spain governor José Ramón Álvarez Rendueles.
Olcese’s sharp intellect and relentless drive propelled him through the ranks of the banking industry. By the age of 26, he became the regional manager of Madrid at Banco Urquijo, and by 1986, he was the director of Financial Services at Banco Hispano Industrial. His career continued to flourish as he took on roles of increasing responsibility, most prominently as the CEO of Iberagentes, which expanded internationally during his tenure and executed significant financial operations, including the transfer of 3.5 million shares of Banco Central to the Kio Group.
Throughout his career, Olcese was also recognized for his dedication to corporate responsibility. He presided over the Spanish Institute of Financial Analysts and the Foundation for Financial Studies between 2000 and 2006, helping to navigate and shape major financial reforms both within Spain and across Europe. His contributions spanned multiple administrations, providing advice to governments from varying political backgrounds including both the PSOE and the PP. His expertise was sought after particularly on energy issues, leading to speculations about him succeeding Borja Prado as president of Endesa after Prado stepped down.
Olcese's commitment to social responsibility extended to his written contributions, where he authored more than ten influential books, such as La Responsabilidad Social de la Empresa Motor del Cambio Empresarial, published by McGraw Hill, and El Capitalismo Humanista, edited by Marcial Pons. Much of his work centered around the fundamental tenets of corporate governance and social responsibility, making waves not just within Spain but also influencing corporate policies on a global scale.
His publication, Tratado sobre la Responsabilidad Social de la Empresa, released by the RACEF (Real Academy of Economic and Financial Sciences) in 2007, stands as a pivotal reference for implementing corporate social responsibility (CSR) practices within significant Spanish corporations. This extensive work on CSR showcases the methodologies and frameworks necessary for businesses to adopt socially responsible practices, which would transform their operational approaches.
Beyond his academic and financial contributions, Olcese was involved with various national and international organizations. Notably, he was the first to head the Corporate Governance and Corporate Social Responsibility Observatories for IBEX 35 companies from 2000 to 2010, which were primary platforms for propelling these modern practices within Spain's leading corporations.
Olcese's influential career was marked by numerous awards and recognitions, including the prestigious Grand Cross of Civil Merit, which he received for his significant contributions to corporate governance and social responsibility. Among his distinctions were commendations from Italy, Morocco, and Luxembourg, highlighting his international reputation.
Reflecting on his career, Olcese remarked, “Siempre he procurado aportar mi talento trabajando para gobiernos de diferente signo, independientemente de cual es mi ideología,” emphasizing his ability to work across the political spectrum, showcasing his dedication to improving business practices regardless of political affiliations.
The impact of Olcese’s passing is being felt deeply throughout the financial community, where he was regarded as both a pioneer and thought leader. His legacy will undoubtedly inspire future generations of economists and business leaders committed to corporate social responsibility. Olcese not only created frameworks for responsible governance but also set standards for ethical business practices, advocating for transparency, accountability, and sustainability.
With his sudden departure, the field of economics loses not just a talented economist but also a visionary who tirelessly advocated for improved business ethics and responsible financial governance. Aldo Olcese's contributions will be remembered for years to come, shaping the way forward for corporate responsibility within the ever-evolving business environment.