The corporate governance lessons from the financial crisis
This report analyses the impact of failures and weaknesses in corporate governance on the financial crisis, including risk management systems and executive salaries. It concludes that the financial crisis can be to an important extent attributed to failures and weaknesses in corporate governance arrangements which did not serve their purpose to safeguard against excessive risk taking in a number of financial services companies.Accounting standards and regulatory requirements have also proved insufficient in some areas. Last but not least, remuneration systems have in a number of cases not been closely related to the strategy and risk appetite of the company and its longer term interests. The article also suggests that the importance of qualified board oversight and robust risk management is not limited to financial institutions. The remuneration of boards and senior management also remains a highly controversial issue in many OECD countries. The current turmoil suggests a need for the OECD to re-examine the adequacy of its corporate governance principles in these key areas.
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Volume (Year): 2009 (2009)
Issue (Month): 1 ()
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- Felton, Andrew & Reinhart, Carmen M. (ed.), 2009.
"The First Global Financial Crisis of the 21st Century Part II: June–December, 2008,"
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- Reinhart, Carmen, 2008. "The first global financial crisis of the 21st century: Introduction," MPRA Paper 13288, University Library of Munich, Germany.
- Claudio Borio, 2008. "The financial turmoil of 2007-?: a preliminary assessment and some policy considerations," BIS Working Papers 251, Bank for International Settlements.
- Adrian Blundell-Wignall, 2007. "Structured Products: Implications for Financial Markets," Financial Market Trends, OECD Publishing, vol. 2007(2), pages 27-57.
- Oecd, 2008. "The recent financial market turmoil, contagion risks and policy responses," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2008(1), pages 9-28.
- Chen, Carl R. & Steiner, Thomas L. & Whyte, Ann Marie, 2006. "Does stock option-based executive compensation induce risk-taking? An analysis of the banking industry," Journal of Banking & Finance, Elsevier, vol. 30(3), pages 915-945, March. Full references (including those not matched with items on IDEAS)
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