Corporate Governance Standards
and
Financial Stability

European Corporate Governance Institute
Tuesday, 9th September 2008
Charlemagne Building, Brussels

A free all-day conference organised by the European Corporate Governance Institute, the Brookings Institution and Columbia Law School.
The organisers
are grateful for support for the 2008 Conference from the European Commission
Programme
Tuesday 9 September 2008

08.15-09.15 Registration and coffee Jörgen Holmquist
09.15-09.45 Welcome
 

Jörgen Holmquist
Director General for "Internal Market and Services"
European Commission

Antonio Borges
Chairman
European Corporate Governance Institute
Antonio Borges

Session 1 – Keynote speech

09.45-10.15 Keynote speaker
Charlie McCreevy

European Commissioner for the Internal Market and Services
Q&A
Charlie McCreevy
10.15-10.45 Coffee

Session 2 – Finance
The financial system has periodically undergone crises and the current 'credit crunch' has reopened the debate on the link between financial stability and the governance of financial institutions. This session reviews our knowledge of the role of corporate governance in financial systems and re-examines it in the light of current developments. What are the governance elements that make financial institutions inherently unstable? Have corporate governance failures been a contributory cause of the current difficulties?


10.45-12.30

Moderator
Professor Colin Mayer
Peter Moores Dean and Professor of Management Studies
Said Business School, University of Oxford

ECGI Fellow

Professor Colin Mayer
  Panel Professor Charles Calomiris

Professor Charles Calomiris
Henry Kaufman Professor of Financial Institutions
Graduate School of Business, Columbia University

Professor Ross Levine
James and Merryl Tisch Professor of Economics and Director, William R. Rhodes Center for International Economics
Brown University
Professor Ross Levine
Professor Paolo Volpin
Associate Professor of Finance, Institute of Finance and Accounting
London Business School
ECGI Research Associate
Dr Paolo Volpin
12.30-13.45 Lunch

Session 3 – Law
The Financial Services sector is one of the most regulated industries in the world. This session gives an overview of the rules governing institutions and their gatekeepers.  It also reviews the policy responses to the current crisis. Why has regulation been insufficient to prevent the current crisis? Is new regulation required or do the current rules need better application?

13.45-15.15

Moderator
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

Briefing
Professor Gérard Hertig
Professor of Law and Economics
Swiss Federal Institute of Technology
ECGI Research Associate
Professor Gérard Hertig
Panel
Professor Allen Ferrell
Harvey Greenfield Professor of Securities Law
Harvard Law School
ECGI Research Associate

Professor Geoffrey Miller
Stuyvesant P. Comfort Professor of Law
NYU School of Law

Professor Geoffrey Miller

Session 4 –Keynote speech

15.15-16.00 Keynote speaker
Commissioner Kathleen L. Casey
Securities and Exchange Commission
Q&A
16.00-16.30 Coffee

Session 5 – Policy Forum
Responses to previous financial crises have often been unilateral and have led to regulatory inconsistencies and tensions between Europe and the United States.  Is a common approach now desirable or achievable? This session examines the regulatory responses that are, or should be, on the table.

16.30-18.00 Moderator
Lisa Rabbe
Managing Director, Government Affairs Department
Goldman Sachs International

Lisa Rabbe
  Panel

Jos Streppel
Member of the Executive and Management Board and Chief Financial Officer
AEGON N.V.

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

Ethiopis Tafara
David Wright
Deputy Director-General for the Internal Market and Services (DG MARKT)
European Commission
Eddy Wymeersch
Chairman
Committee of European Securities Regulators (CESR)
ECGI Fellow
Eddy Wymeersch

Session 6 – Summing up

18.00-18.15 Professor Marco Becht
Professor of Finance and Economics, Université Libre de Bruxelles;
ECGI Executive Director
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 Marco Becht

The ECGI is grateful for the sponsorship of the 2008 Conference by: