Title: The financial crisis and corporate governance reform

Authors: Harilaos Mertzanis

Addresses: Capital Market Commission, 1, Kolokotroni and Stadiou str., 105 62, Athens, Greece

Abstract: The post crisis reform of corporate governance poses significant policy challenges to director remuneration, risk management, internal practices, boards| ability to understand and control risk-taking, and shareholder concern over the long-term value of their investments. Financial institutions| corporate governance practices warrant special attention, due to the systemic implications of corporate failures, the wider range of risks under management, the special role of stakeholders (i.e., depositors) and the government intervention. To develop policy, the directions provided by the OECD Principles of Corporate Governance is a good reference, to be supplemented by knowledge of the function of corporate governance institutions and mechanisms.

Keywords: corporate governance; financial crises; director remuneration; risk management; supervisory practices; board competence; shareholder control; internal practices; supervision; post crisis reforms; policy challenges; long-term value; investments; financial institutions; corporate failures; banks; banking; stakeholders; depositors; government intervention; OECD; Organisation for Economic Co-operation and Development; business governance; business ethics; emerging markets.

DOI: 10.1504/IJBGE.2011.037610

International Journal of Business Governance and Ethics, 2011 Vol.6 No.1, pp.83 - 109

Published online: 20 Dec 2010 *

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