Notícias

2010 Transatlantic Corporate Governance Dialogue

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Corporate Governance and the new Financial Regulation:
Complements or Substitutes?

European Corporate Governance Institute
Monday, 25th October 2010
Bibliotheque Solvay, Brussels

A free all-day conference under the auspices of the Securities and Exchange Commission (SEC) and the European Commission, organised by the European Corporate Governance Institute, the Brookings Institution and Columbia Law School. The organisers are most grateful for the sponsorship of the 2010 Conference by PricewaterhouseCoopers (PwC).
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Programme | Registration | Directions | Background to the Dialogue
Programme
A central theme in the outpouring of analysis on the causes of the global financial crisis is that large financial institutions created substantial amounts of systematic risk, which then was realized and nearly brought down the global financial system. Put in terms of corporate governance, two possibilities emerge. The management of large financial institutions were disloyal to their shareholders, the agents taking more risk than their principals desired, perhaps encouraged by highly incentivised compensation schemes. Alternatively, management loyally took on excessive risk, benefitting the shareholders and externalising the costs to the public. The first possibility suggests a corporate governance response in addition to reform of prudential regulation and resolution authority. The second possibility suggests greater emphasis on regulation, but with the possibility that the corporate governance system could be redesigned to internalise more systemic risk. What is the role of corporate governance in financial system reform? Are corporate governance and the new Financial Regulation complements or substitutes? If complements, how do we design their interaction?

08.30-09.00Registration
09.00-09.15Welcome
 Antonio Borges
Chairman
European Corporate Governance Institute
Antonio Borges, Chairman, European Corporate Governance Institute
Professor Ronald Gilson
Marc & Eva Stern Professor of Law and Business,  Columbia Law School
Charles J. Meyers Professor of Law and Business, Stanford Law School
ECGI Fellow
Professor Ronald Gilson, Marc & Eva Stern Professor of Law and Business, Columbia Law School, Charles J. Meyers Professor of Law and Business, Stanford Law School

Session 1 –Prevention
This session will deal with issues like shareholder rights in financial institutions, conflicts of interest between shareholders, boards, conflicts of interest with bondholders, depositors and taxpayers, remuneration, gatekeepers, the "Volcker rule".

09.15-10.45

Professor Martin Hellwig
Director
Max Planck Institute for Research on Collective Goods

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Professor John Coffee
Adolf A. Berle Professor of Law
Columbia Law School
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Is Bank Governance Different?
Professor Patrick Bolton
Barbara and David Zalaznick Professor of Business
Columbia Business School
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 Moderated panel discussion
10.45-11.00Coffee

Session 2 - Conference keynote speeches
11.00-12.30Keynote speakers
Michel Barnier
Commissioner for Internal Market and Services
European Commission
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Troy A. Paredes
Commissioner
U.S. Securities and Exchange Commission

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Introduced by Professor Ronald Gilson 
12.30-14.00Lunch

Session 3 - Early Intervention and Resolution
This session will deal with "Living Wills", powers of regulators, automatic versus discretionary triggers, convertible debt and preferred stock, cross-border resolution. How does the FDIC normally operate? Why will the new US rules work better than before? How do the European rules compare to the US rules? What forms of early intervention in the corporate governance of financial institutions are foreseen? How much would be desirable? Are the rules compatible across the Atlantic? Are we able to perform cross-border resolution now, within the EU and across the Atlantic?

14.00-15.00Session keynote speech 
 Christine M Cumming
First Vice President
Federal Reserve Bank of New York
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 Introduced by Professor Marco Becht
Q&A moderated by
Professor Ronald Gilson
 
15.00-15.30Coffee
15.30-16.45Core resolution approaches
Professor Jeffrey Gordon
Alfred W. Bressler Professor of Law
Columbia Law School
ECGI Fellow
Professor Jeffrey Gordon, Alfred W. Bressler Professor of Law, Columbia Law School
 Banking resolution: lessons from economic theory
Professor Xavier Freixas
Professor
Universitat Pompeu Fabra, Barcelona
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 Moderated panel discussion

Session 4 – Summing up, Assessment and the Way Ahead

16.45-17.30Jonathan Faull Director General for Internal Market and Services
European Commission
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Ethiopis Tafara
Director of the Office of International Affairs
United States Securities and Exchange Commission

Ethiopis Tafara, Director of the Office of International Affairs, United States Securities and Exchange Commission
 Moderated session

17.45-23.00
The 2010 TCGD Conference is being held in co-ordination with the 1st CONGRESS OF THE SOLVAY BRUSSELS SCHOOL OF ECONOMICS AND MANAGEMENT which takes place at SQUARE, Brussels Meeting Centre, Mont des Arts, Brussels from 17.45 - 23.00

Click here for details

for details and registration
Click here for details

 

Presentations and speechesVideo recordings of all sessions will be made available on this website in due course

Session 1 – Prevention
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Does Debt Provide "Market Discipline" for Banks?
Professor Martin Hellwig
Director, Max Planck Institute for Research on Collective Goods
Click to view
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Corporate governance provisions of the Dodd-Frank Act
Professor John Coffee
Adolf A. Berle Professor of Law, Columbia Law School
Click to view
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Is Bank Governance Different?
Professor Patrick Bolton
Barbara and David Zalaznick Professor of Business, Columbia Business School
Click to view

Conference keynote speeches
bullett_small 2010 Transatlantic Corporate Governance Dialogue
Troy A. Paredes
Commissioner, U.S. Securities and Exchange Commission
(also available on SEC website)
Click to view
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Christine M Cumming
First Vice President, Federal Reserve Bank of New York
(also available on Federal Reserve Bank of New York website)
Click to view

Session 3 – Early Intervention and Resolution
bullett_small 2010 Transatlantic Corporate Governance Dialogue
Banking resolution: lessons from economic theory
Professor Xavier Freixas
Professor, Universitat Pompeu Fabra, Barcelona
Click to view
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Core resolution approaches
Professor Jeffrey Gordon
Alfred W. Bressler Professor of Law, Columbia Law School and ECGI Fellow
Click to view

Instituto Português de Corporate Governance

Associação de direito privado, sem fins lucrativos

 

Instituto Português de Corporate Governance

 

Morada

Edifício Victoria

Av. da Liberdade, n.º 196, 6º andar

1250-147 Lisboa

Portugal

Informações

Tel./Fax: (+351) 21 317 40 09

E-mail geral: ipcg@cgov.pt

Skype: ipcg.portugal

Período de Funcionamento

Horário

10h00 - 13h00

14h00 - 18h00

Encerrado

Fins-de-semana e feriados