Europe: EFRP response to Commission green paper on governance of financial institutions

The European Federation for Retirement Provision (EFRP) has published its response to the European Commission's green paper on corporate governance in financial institutions: see here (pdf). The EFRP takes the view, which not everyone will share, that:

"... the financial crisis was first and foremost the result of inadequate regulation of financial institutions giving rise to moral hazard problems ... We have some doubts whether better governance arrangements – stronger Board of Directors, independent risk function, long-term remuneration policies – would have moderated risk-seeking behaviour ... Nevertheless, EFRP feels that many of the corporate governance proposals put forward make good sense ... ".