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Advances in Corporate GovernanceComparative Perspectives$
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Helmut K. Anheier and Theodor Baums

Print publication date: 2020

Print ISBN-13: 9780198866367

Published to Oxford Scholarship Online: November 2020

DOI: 10.1093/oso/9780198866367.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 January 2022

Corporate Governance of Financial Corporations

Corporate Governance of Financial Corporations

Chapter:
(p.52) 4 Corporate Governance of Financial Corporations
Source:
Advances in Corporate Governance
Author(s):

Iris H-Y Chiu

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198866367.003.0004

This chapter critically discusses the relevance of conventional corporate governance paradigms for financial corporations, especially in the wake of the global financial crisis. Many banks that had apparently good systems of corporate governance according to conventional standards were financially impaired and criticised for having engaged in unchecked excessive risk-taking. Post-crisis reforms, especially those relating to regulation in the United Kingdom and the European Union, took the approach of directly regulating aspects of bank corporate governance including board responsibility, internal control functions, and bankers’ remuneration. However, these approaches are not extended to the general corporate sector as there are unique financial and incentive structures at financial corporations justifying such approaches, and the regulated financial corporations pose issues of systemic risk and public interest. The distinct regulatory regimes however still sit uneasily with conventional norms of shareholder-centred corporate governance, and this issue remains unresolved.

Keywords:   bank corporate governance, bankers’ remuneration, internal control, board responsibility, UK regulation, EU regulation, risk-taking

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