Monday, 20 March 2017
UK: culture in financial institutions - a speech by the chief executive of the Financial Conduct Authority
Andrew Bailey, the Chief Executive of the Financial Conduct Authority, delivered a speech last week at the Hong Kong Monetary Authority's inaugural conference for independent non-executive directors: see here. The speech is interesting not least because of Mr Bailey's comments on the development of corporate governance over the past 25 years. This period began with the dominance of agency theory in shaping the role and definition of governance; governance is now being shaped by a substantial broadening of the public interest in the behaviour of firms. Note: The HKMA has recently written to bank chief executives setting out further expectations regarding culture and governance: see here (pdf).