Accountability

In the aftermath of crisis regulatory theory and practice has often moved progressively through solutions based on the practical and normative advantages of ‘governance,’ ‘responsibility,’ ‘integrity,’ and ‘accountability.’ At heart, therefore, effective accountability is a design question at corporate, professional and regulatory levels. Accountability can only be guaranteed if disputes over interpretation can be resolved in a manner that is proportionate, targeted, and, ultimately, conducive to the building of warranted trust in the operation of the financial services sector. The program of research explores the concept of accountability at both theoretical and practical levels. It assesses the impact of the Global Financial Crisis on both corporate governance and regulatory design.

Institutional Shareholder Services Releases White Paper on Evaluating Pay for Performance

Originally Published: 
20/12/2011
In response to investor feedback on the issue of pay-for performance, which indicated a preference for putting the focus on long-term alignment, board decision-making, and pay relative to both market peers and to absolute shareholder returns, Institutional Shareholder Services has published a white

Directors Duties: A Comparative Evaluation of Obligation

The codification of directors duties and adoption of corporate governance practices or codes for listed companies is an increasingly global phenomenon.

Directors Duties - International Regulatory Perspectives

Originally Published: 
20/03/2012
In a major new report King & Wood Mallesons find that codification of directors duties and widespread adoption of corporate governance codes is an increasingly global phenomenon that treats board members like infants.

Joint Forum Seeks Consultation on Principles for the Supervision of Financial Conglomerates

Originally Published: 
19/12/2011
The Joint Forum has released for consultation principles which provide national authorities, standard setters and supervisors with a set of internationally agreed principles that support consistent and effective supervision of financial conglomerates.

Institutional Shareholder Services Releases 2012 Proxy Voting Policies

Originally Published: 
17/11/2011
Institutional Shareholder Services Inc. has released 2012 updates to its U.S., Canadian, European, and international benchmark proxy voting guidelines.

Institutional Shareholder Services Announces Updates to Governance Risk Indicators

Originally Published: 
14/12/2011
Institutional Shareholder Services ("ISS") has updated its Governance Risk Indicators model, which is the tool it uses to measure governance-related risk.

Regulating Global Corporate Capitalism

Originally Published: 
09/03/2012
Professor Sol Picciotto discusses his new book on Regulating Global Corporate Capitalism and the impact of the GFC on the resign of the international architecture.

International Corporate Governance Network Global Corporate Governance Principles

Originally Published: 
09/11/2009
The corporate governance principles provide best practices standards of conduct and are intended to be of general application around the world, irrespective of legislative background or listing rules.

How Diverse Should Boards Be?

Jo Iwasaki, Head of Corporate Governance at the Institute of Chartered Accountants in England and Wales (ICAEW) discusses how boards can assess diversity objectives for business success.

Justin O'Brien Interviews Howard Wetston of the Ontario Securities Commission

Originally Published: 
21/07/2014
Justin O'Brien interviews The Hon. Mr Howard Wetston, QC, Chair of the Ontario Securities Commission

Geneva Association Reports on Insurance and Resolution in Light of the Systemic Risk Debate

Originally Published: 
06/02/2012
This new report from the Geneva Association looks at the relationship between insurance wind-downs and systemic risk, concluding that frameworks for dealing with such risks in banking would be a poor guide to necessary changes in insurance.

Islamic Financial Services Board Issues Guiding Principles on Stress Testing for Institutions Offering Islamic Financial Services

Originally Published: 
12/10/2011
The Islamic Financial Services Board has issued guiding principles on stress testing for institutions offering Islamic Financial Services.

Islamic Financial Services Board Issues Guiding Principles on Liquidity Risk Management for Institutions Offering Islamic Financial Services

Originally Published: 
12/10/2011
This consultation paper addresses the management of liquidity risk by institutions offering Islamic financial services.

Bank for International Settlements Releases Paper on the Sustainability of Pension Schemes

Originally Published: 
02/01/2012
The Bank for International Settlements has released a working paper on the sustainability of pension schemes, which suggests that changes in real returns have a disproportionate impact on service costs for pension schemes.

The Direction of Regulatory Reform & the CEDAR Portal

Originally Published: 
09/03/2012
Justin O'Brien of the CLMR at the University of New South Wales talks to Amir Ghandar about the direction of international regulatory reform and the ratinale behind establishing the CEDAR portal.

Video Welcome to Portal

Originally Published: 
09/03/2012
A video welcome from the Director

The Oxford Project: A Corporate Law Ethicist Responds

For all the talk about professional values the buck has to stop somewhere and it is with an external regulator.

Enter the Dragon VII: Finding China’s Proper Role in WTO Negotiations

What does China's accession to the WTO mean for multilateral trade negotiations?

Regulating Culture: The Rationale for Intervention

Regulating culture is at heart a design problem. It is time to get to work.

The Ex Ante Problem and the Ex Post Solution

Financial markets would be better served by greater regulatory uncertainty, so that market participants would be less able to calculate the expected benefits and costs of complying.

CLMR Working Paper 14-5: Development and Global Sustainability: The Case for ‘Corporate Climate Finance’

Originally Published: 
09/07/2014
Dr Megan Bowman argues the case for inclusion of corporate climate finance as a necessary mechanism towards global sustainability.

Corporate Climate Finance for Global Sustainability?

CLMR Research Fellow Dr Megan Bowman argues the case for inclusion of 'corporate climate finance' as a necessary ingredient for global sustainability.

The wider context: The future of capital market regulation in the developed markets

Originally Published: 
01/04/2012
Jordan, Cally. The wider context: The future of capital market regulation in the developed markets. Law and Financial Markets Review, Vol. 6, No. 2, Apr 2012: 130-135. Availability: <http://search.informit.com.au/documentSummary;dn=155649451124755;res=IELBUS>

Bank resolution and bail-ins in the context of bank groups

Originally Published: 
01/01/2012
Gleeson, Simon. Bank resolution and bail-ins in the context of bank groups. Law and Financial Markets Review, Vol. 6, No. 1, January 2012: 61-67. Availability: <http://search.informit.com.au/documentSummary;dn=155127727929525;res=IELBUS>

Sukuk Structure and Its Regulatory Environment in the Kingdom of Saudi Arabia

Originally Published: 
01/05/2011
Al Elsheikh, Abdullah Abdullatef A and Tanega, Joseph. Sukuk Structure and Its Regulatory Environment in the Kingdom of Saudi Arabia. Law and Financial Markets Review, Vol. 5, No. 3, May 2011: 183-200.

After the Global Financial Crisis: Key Competition Law Developments in Australia, the United States, the EU and the UK

Originally Published: 
01/05/2011
Cejnar, Leela. After the Global Financial Crisis: Key Competition Law Developments in Australia, the United States, the EU and the UK. Law and Financial Markets Review, Vol. 5, No. 3, May 2011: 201-212. Availability: <http://search.informit.com.au/documentSummary;dn=090570168709996;res=IELBUS>

Structured Finance: A Matter of Gatekeeping?

Originally Published: 
01/01/2011
Yeoh, Peter. Structured Finance: A Matter of Gatekeeping? Law and Financial Markets Review, Vol. 4, No. 5, Sept 2010: 499-506. Availability: <http://search.informit.com.au/documentSummary;dn=398243476315529;res=IELBUS>

Islamic Finance: The Impact of the AAOIFI Resolution on Equity-based 'Sukuk' Structures

Originally Published: 
01/01/2011
Salah, Omar. Islamic Finance: The Impact of the AAOIFI Resolution on Equity-based 'Sukuk' Structures. Law and Financial Markets Review, Vol. 4, No. 5, Sept 2010: 507-517. Availability: <http://search.informit.com.au/documentSummary;dn=398262109286787;res=IELBUS>

Enhancing Responsibility in Financial Regulation - Critically Examining the Future of Public-private Governance

Originally Published: 
01/01/2011
Chiu, Iris HY. Enhancing Responsibility in Financial Regulation - Critically Examining the Future of Public-private Governance: Part 1. Law and Financial Markets Review, Vol. 4, No. 2, Mar 2010: 170-188.

Financial Rules: Why They Differ, Where We Got Them Wrong and How to Fix Them

Originally Published: 
01/01/2011
Athanassiou, Phoebus. Financial Rules: Why They Differ, Where We Got Them Wrong and How to Fix Them. Law and Financial Markets Review, Vol. 4, No. 3, May 2010: 279-285. Availability: <http://search.informit.com.au/documentSummary;dn=356505620697161;res=IELBUS>

Triggers of Financial Markets Regulation

Originally Published: 
01/01/2011
Bellini, Elisabetta. Triggers of Financial Markets Regulation. Law and Financial Markets Review, Vol. 3, No. 2, Mar 2009: 168-187. Availability: <http://search.informit.com.au/documentSummary;dn=711214233948525;res=IELBUS>

Too big to fail or too hard to remember? Lessons from the New Deal on dealing with systemically important institutions

Originally Published: 
30/09/2014
Too big to fail or too hard to remember? Lessons from the New Deal on dealing with systemically important institutions Author: O'Brien, Justin Source: Law and Financial Markets Review, Volume 8, Number 3, September 2014, pp. 249-259(11) http://dx.doi.org/10.5235/17521440.8.3.249

Increasing Financial Regulatory Predictability through Optimizing Business Strategy

Alexandra Dobra of Accenture argues in RegBlog that as long as government agencies perceive that firms are exploiting financial regulatory loopholes, regulators will respond with new regulations.

Enforcing Accountability: The Director’s Duty of Care and the Role of Market Norms

One particular issue highlighted by the financial crisis is whether the standard of care, skill and diligence that regulators and the courts enforce is, or should be, norm setting or norm reflecting.

The Shifting Perimeters of Markets

Complexity in product design, technological innovation and globalisation combine to bring unparalleled challenges to the regulation of market conduct.

Whither Financial Regulation: A Rapporteur Report on Berle V

Themes from the CLMR-Berle International Conference on Capital Markets, the Corporation and the Asian Century.

VIDEO VERSION: Judge Jed Rakoff Address and Roundtable

Originally Published: 
15/05/2013
A fully searchable video version of the Judge Jed Rakoff presentation on Regulatory Enforcement and the Judiciary.

CLMR in The Australian

Originally Published: 
21/05/2013
John Durie's back page column, "GFC Perpetrators Off Scot Free" in The Australian on Tuesday, May 21, 2003.