Programme
Some sessions (see below) qualify for Continuing Legal
Education credits. Click here or
menu item above for further details |
| 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 systemic 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 |
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Antonio
Borges
Chairman
European Corporate Governance Institute |
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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 |
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Session
1 –Prevention
*NYS CLE: 1.5 credit hours, Areas of Professional Practice
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| 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 |
Does Debt Provide "Market Discipline" for Banks?
Professor Martin Hellwig
Director
Max Planck Institute for Research on Collective Goods |
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Corporate governance provisions of the Dodd-Frank Act
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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Moderator
Claire Bury
Head of Unit, Company Law, Corporate Governance and Financial Crime
DG Internal Market & Services, European Commission |
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| 10.45-11.00 |
Coffee |
Session 2 - Conference keynote speeches
*NYS CLE: 0.5 credit hours, Areas of Professional Practice
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| 11.00-12.30 |
Keynote 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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Antonio Borges, Chairman, ECGI
David Devlin, Partner, PricewaterhouseCoopers, Dublin
Peter Montagnon, Senior Investment Adviser , Financial Reporting Council |
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| 12.30-14.00 |
Lunch |
Session 3 - Early Intervention and Resolution
*Keynote speech: NYS CLE: 0.5 credit hours, Areas of Professional Practice
Resolution Roundtable: NYS CLE: 1.5 credit hours, Areas of Professional Practice |
| 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 |
Keynote speech
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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 |
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| 15.00-15.30 |
Coffee |
| 15.30-16.45 |
Core resolution approaches
Professor Jeffrey Gordon
Alfred W. Bressler Professor of Law
Columbia Law School and ECGI Fellow |
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Banking resolution: lessons from economic theory
Professor Xavier Freixas
Professor
Universitat Pompeu Fabra, Barcelona |
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Moderator
Mario Nava
Head of Banking and Financial Conglomerates Unit
DG Internal Market & Services, European Commission |
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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 |
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Ethiopis Tafara
Director of the Office of International Affairs
United States Securities and Exchange Commission |
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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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