elucubrare:

the Swedish Academy scandal is, of course, very bad. I am, however, flabbergasted at this: “In the eyes of its members, there is no more important cultural institution in the world than the Swedish Academy. The members, who call themselves The Eighteen (always in capitals)…” What is this, renaissance Venice? If your grammar is bad you have to walk over the Bridge of Sighs to prison? 

I think the key phrase is “In the eyes of its members, there is no more important cultural institution in the world.”