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2009 | nr 1 | 59-83
Tytuł artykułu

The 2008 Global Financial Crisis and Corporate Governance

Autorzy
Warianty tytułu
Języki publikacji
EN
Abstrakty
Niniejszy artykuł stanowi przegląd powodów globalnego kryzysu finansowego w 2008 roku i stanowi dokumentację kwestii związanych z tzw. nadzorem korporacyjnym, które zostały naświetlone przez bankructwa banków i innych instytucji finansowych. Zidentyfikowano słabe punkty kodeksów postępowania dotyczących nadzoru korporacyjnego, które w efekcie kryzysu mają duże szanse zostać zrewidowane, gdzie punktem odniesienia będą zasady nadzoru korporacyjnego OECD z 2004 roku. Podjęto dochodzenie w sprawie czterech konkretnych problemów związanych z nadzorem korporacyjnym, a które odkryto w wyniku kryzysu: działania osób na stanowiskach związanych z zarządzaniem ryzykiem, rola niezależnych (nieetatowych) dyrektorów, bodźce wynagrodzeń stanowisk kierowniczych i rola agencji ratingowych oceniających ryzyko kredytowe. (A.T.)
EN
This paper provides an overview of the causes of the global financial crisis of 2008 and documents the corporate governance issues that have been highlighted by the failures of banks and other financial institutions. Weaknesses in corporate governance codes of conduct that are likely to be reformed as a result of the crisis are identified, with the OECD Principles of Corporate Governance (2004) used as a focal point for the analysis. Investigation is undertaken of four specific corporate governance failings revealed by the crisis: the performance of the risk management function, the role of independent (non-executive) directors, the incentives provided by executive remuneration and the role of credit rating agencies. (original abstract)
Rocznik
Numer
Strony
59-83
Opis fizyczny
Twórcy
  • University of Stirling, United Kingdom
Bibliografia
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  • Department for Trade and Industry (2003), "Rewards for Failure": Directors ' Remuneration - Contracts, Performance and Severance ', Green Paper, June.
  • European Central bank (2008), The Incentive Structure of the 'Originate and Distribute ' Model, Frankfurt, December.
  • European Council (2007), Council Conclusions on enhancing the arrangements for financial stability in the EU, 2822nd Economic and Financial Affairs Council meeting, Luxembourg, 9 October.
  • European Commission (2008), Proposal for a Regulation of the European Parliament and of the Council on Credit Rating Agencies, Brussels, COM (2008) 704 final, 12 November.
  • European Commission (2009a), Commission Recommendation on Remuneration Policies in the Financial Services Sector, Brussels, C (2009) 3159, 30 April.
  • European Commission (2009b), Commission Recommendation complementing Recommendations 2004/913/EC and 2005/162/EC as regards the regime for the remuneration of directors of listed companies, Brussels, C(2009)3177, 30 April.
  • European Commission (2009c), Financial services sector pay: Commission sets out principles on remuneration of risk-taking staff in financial institutions. Press Release, Brussels, TP/09/674, 29 April.
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  • Guerrera, F. and Thal-Larsen, P. (2008), 'Gone by the Board: why the directors of big banks failed to spot credit risks', Financial Times, 26 June.
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  • Higgs, D. (2003), Review of the role and effectiveness of non-executive directors, London: DTI.
  • House of Commons Treasury Committee (2009a), Memorandum from Paul Moore, Ex-head of Group Regulatory Risk, HBOS Pic, February. Available at: http://www.publications.parliament.uk/pa/cm200809/cmselect/cmtreasy/14 4/144w243.htm
  • House of Commons Treasury Committee (2009b), Memorandum of Additional Evidence to the Treasury Select Committee Relating to the Banking Crisis from Paul Moore. Ex Head of Group Regulatory Risk, HBOS Pic, 25th February. Available at: http://www.publications.parliament.uk/pa/cm200809/cmselect/cmtreasy/14 4/144w277.htm
  • House of Commons Treasury Committee (2009c), Banking Crisis: dealing with the failure of the UK hanks, Seventh Report of Session 2008-09, 1 May. Available at: http://www.publications.parliament.uk/pa/cm200809/cmselect/cmtreasy/41 6/416.pdf
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000163009995
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