Governance after the financial crisis
Rethinking, Refining, Responding
The 2008 financial crisis has caused regulators, legislators, investors, the media and others to carefully examine and reassess the effectiveness of governance regimes around the world. Because the crisis originated in the United States, some observers have suggested that it represents a failure of U.S. governance practices. For this reason, regulators in some jurisdictions say they may no longer align their governance rules with U.S. practices and will instead reset their national governance frameworks along different principles.
Others, however, note that the governance practices of public companies and other entities with public accountability have significantly and steadily improved as a result of U.S. governance requirements. They believe that governance models in the U.S. and other countries remain fundamentally sound and are only in need of refinement, for example by introducing measures to improve organisations’ risk management practices.
What is the status of governance in Singapore? Recently, Deloitte Singapore invited governance leaders from Europe and North America to meet with their counterparts in Singapore to participate in a roundtable discussion. The conversation focused on governance in Singapore, its strengths, weaknesses and opportunities.
The key thoughts raised by the panellists during their debate are summarised in this white paper which can be obtained from the Centre for Corporate Governance website. Please note that you will need to register to gain access to this website.