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Workshop Summary: Internal Governance – 1 December 2009

Overview

The workshop on internal governance took place on 1 December 2009 at the CEBS offices located in Tower 42, Floor 18, 25 Old Broad Street, London EC2N 1HQ. The event ran from 9:30 to 13:15, with a coffee break from 9:00 to 9:30 and lunch from 13:15 to 14:00. It aimed to address the weaknesses in internal governance frameworks and explore ways to enhance them, particularly in the context of the financial crisis.

Core Content

The workshop focused on the internal governance of financial institutions, with an emphasis on lessons learned from the financial crisis and the improvement of governance frameworks. It featured presentations and discussions from various stakeholders, including the CEBS, Basel Committee, EU Commission, and industry representatives.

Key Sessions

1. Welcome and Objectives (9:30 – 9:50)

   • Delivered by Jo Swyngedouw, CEBS.
   • Introduced the purpose of the workshop: to identify weaknesses in internal governance and propose ways to strengthen the framework.

2. Survey Outcomes on Internal Governance (9:50 – 10:20)

   • Also presented by Jo Swyngedouw, CEBS.
   • Highlighted the weaknesses identified in the survey and outlined the way forward for improving internal governance.

3. Industry Feedback and Discussion (10:20 – 10:50)

   • Focused on industry perspectives on the survey outcomes.
   • Encouraged collaboration and shared understanding among participants regarding governance issues.

4. Update on Basel Committee’s Work (11:20 – 11:35)

   • Presented by Toshio Tsuiki, BCBS Secretariat.
   • Shared the current status of the Basel Committee's initiatives on corporate governance.

5. Update on EU Commission’s Work (11:35 – 11:50)

   • Delivered by Claire Bury, EU Commission.
   • Covered the EU's approach to corporate governance and its implications for financial institutions.

6. Lessons from the Financial Crisis (11:50 – 12:30)

   • Presented by Simon Hills, European Banking Federation (EBF).
   • Discussed the impact of the financial crisis on governance and proposed improvements to the framework.

7. Enhanced Internal Governance Standards (12:30 – 13:10)

   • Presented by Gerry Cross, Institute of International Finance (IIF).
   • Emphasized the importance of enhanced governance standards in achieving lasting financial stability.

Main Views and Key Information

• The financial crisis exposed significant weaknesses in internal governance, prompting a need for reforms and improvements.
• The CEBS conducted a survey that identified these weaknesses and outlined a path forward.
• Industry feedback was crucial in shaping the governance framework, highlighting the need for collaboration and shared responsibility.
• The Basel Committee and the EU Commission are actively working on corporate governance initiatives, with the Basel Committee focusing on international standards and the EU Commission on regulatory alignment.
• Simon Hills from the European Banking Federation stressed the importance of learning from the crisis to build more resilient governance structures.
• Gerry Cross from the Institute of International Finance underscored that enhanced governance standards are a key component of achieving long-term financial stability.

Conclusion

The workshop concluded with a summary of key points and a call to action for stakeholders to work together in improving internal governance. It emphasized the need for transparency, accountability, and robust oversight to prevent future financial instability. The participants agreed that continuous improvement and regulatory alignment are essential for a resilient financial sector.