Group of Thirty: A View from the Private Sector
With the effects of the financial crisis still looming large, how can financial institutions implement effective governance to avoid a replay?
A coherent reply to that critical question came on April 12, 2012 as Jean-Claude Trichet, chairman of the Group of Thirty (G30) and former president of the European Central Bank, held a press conference in London and New York to announce the publication of a G30 report entitled "Toward effective governance of financial institutions." This new report provides the first detailed, post-crisis governance action plan developed by the private sector.
Tapestry Networks and EY organized and conducted more than 80 interviews with board leaders and senior regulators, most of them in person, in 16 countries on six continents.Thirty-six of the world’s largest financial institutions (FIs) participated.
All participants in the governance system – boards of directors, management, supervisors, and (to an extent) long-term shareholders – need to reassess their approach to FI governance and take steps to strengthen it. This report offers a set of concrete insights and recommendations for what each participant needs to do to make FI governance function effectively.
For a more recent update on our progress, please contact a member of Tapestry's Financial Services team: