New York, NY (PRWEB) June 04, 2012
Management teams, boards, regulators and shareholders failed to prudently govern and oversee major financial institutions and now must adopt improved bank governance reforms – or risk greater financial stability, according to the Group of Thirty (G30) report developed in collaboration with Ernst & Young and Tapestry Networks. The report provides the first post-crisis, detailed governance action plan to come from the private sector and outlines how all stakeholders must reassess their approach to corporate governance and take meaningful steps to make it stronger.
The report’s findings are a direct result of more than 80 interviews Ernst & Young and Tapestry Networks helped facilitate with board leaders and senior regulators from 36 of the world’s largest financial institutions.
According to the G30, despite advancements in corporate governance practices following the global financial crisis, financial institutions are in danger of becoming too complacent.
“The point of this report is to say that good corporate governance in financial institutions is a complex system. All parts have to work,” said Roger W. Ferguson Jr., Chairman of the G30 Steering Committee on Corporate Governance. “One of the bigger messages is that progress has been made but more must be done.”
Ferguson emphasized that governance is an ongoing process that requires senior leaders to be fully engaged.
“The foundations of good governance are people, leadership and values, which shape and drive corporate culture,” he said.
The report called on key stakeholders to come together on improving governance:
Additional global financial reform information and resources can be found at http://www.ey.com/FinancialReform. The site features analysis and guidance from Ernst & Young professionals on how to approach the requirements and challenges on key topics such as Basel III, consumer protection, over-the-counter (OTC) derivatives, and more.
About Tapestry Networks
Tapestry Networks is a well-established, growing firm dedicated to bringing together leaders from business and institutions to help make the world better by making it run better. Tapestry’s mission is to advance society’s ability to govern and lead. We enable senior leaders to address difficult, sometimes divisive, issues that require the public and private sectors to work together much more effectively than they typically do.
About the Ernst & Young Global Banking & Capital Markets Center
In today's globally competitive and highly regulated environment, managing risk effectively while satisfying an array of divergent stakeholders is a key goal of banks and securities firms. Ernst & Young’s Global Banking & Capital Markets Center brings together a worldwide team of professionals to help you achieve your potential – a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately, it enables us to help you meet your goals and compete more effectively. It's how Ernst & Young makes a difference.
For more information, visit http://www.ey.com/banking
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
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