| 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? |
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| 08.30-09.00 | Registration |
| 09.00-09.15 | Welcome |
| | 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 |  |
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". |
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| 09.15-10.45 | Professor Martin Hellwig
Director
Max Planck Institute for Research on Collective Goods | |
Professor John Coffee
Adolf A. Berle Professor of Law
Columbia Law School | |
Is Bank Governance Different?
Professor Patrick Bolton
Barbara and David Zalaznick Professor of Business
Columbia Business School | |
| | Moderated panel discussion |
| 10.45-11.00 | Coffee |
Session 2 - Conference keynote speeches |
| 11.00-12.30 | Keynote speakers
Michel Barnier
Commissioner for Internal Market and Services
European Commission | |
Troy A. Paredes
Commissioner
U.S. Securities and Exchange Commission | |
| Introduced by Professor Ronald Gilson | |
| 12.30-14.00 | Lunch |
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? |
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| 14.00-15.00 | Session keynote speech | |
| | Christine M Cumming
First Vice President
Federal Reserve Bank of New York |  |
| | Introduced by Professor Marco Becht
Q&A moderated byProfessor Ronald Gilson | |
| 15.00-15.30 | Coffee |
| 15.30-16.45 | Core resolution approaches
Professor Jeffrey Gordon
Alfred W. Bressler Professor of Law
Columbia Law School
ECGI Fellow |  |
| | Banking resolution: lessons from economic theory
Professor Xavier Freixas
Professor
Universitat Pompeu Fabra, Barcelona | |
| | Moderated panel discussion |
Session 4 – Summing up, Assessment and the Way Ahead
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| 16.45-17.30 | Jonathan Faull Director General for Internal Market and Services
European Commission | |
Ethiopis Tafara
Director of the Office of International Affairs
United States Securities and Exchange Commission |  |
| | Moderated session |
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| 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  for details and registration | |
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