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Global Governance of Financial SystemsThe International Regulation of Systemic Risk$
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Kern Alexander, Rahul Dhumale, and John Eatwell

Print publication date: 2005

Print ISBN-13: 9780195166989

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780195166989.001.0001

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Enhancing Corporate Governance for Financial Institutions

Enhancing Corporate Governance for Financial Institutions

The Role of International Standards

(p.239) 10 Enhancing Corporate Governance for Financial Institutions
Global Governance of Financial Systems

Kern Alexander (Contributor Webpage)

Rahul Dhumale

John Eatwell (Contributor Webpage)

Oxford University Press

This chapter argues that the adoption of international standards and principles of corporate governance should be accompanied by domestic regulations that prescribe specific rules and procedures for the governance of financial institutions that address national differences in political, economic, and legal systems. It begins by briefly considering “governance” within this context, using a principal-agent framework. It then discusses the general principles of corporate governance for financial institutions that the Basel Committee has adopted for all banking institutions operating in the G10 industrialized countries, followed by a discussion of the principles of corporate governance for securities firms as set forth by IOSCO. The overriding theme is the belief that transparency of information is integrally related to accountability in that transparency can provide government supervisors, bank owners, creditors, and other market participants with sufficient information and incentive to assess the management of a bank. The chapter concludes by considering these and other issues related to the governance role of financial institutions in the overall economy.

Keywords:   international standards, corporate governance, financial regulation, Basel Committee, financial institutions, IOSCO

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