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For the Association of Financial Mutuals

For the Association of Financial Mutuals. Corporate Governance Setting the Scene. Robert Wharton 23 September 2010. Bristol ׀ Bath ׀ Swindon ׀ London. 2008 Its not what you do, it’s the way that you do it. Can you spot 3 common denominators in these corporate collapses?.

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For the Association of Financial Mutuals

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  1. For the Association of Financial Mutuals Corporate Governance Setting the Scene Robert Wharton 23 September 2010 Bristol ׀ Bath ׀ Swindon ׀London

  2. 2008Its not what you do, it’s the way that you do it Can you spot 3 common denominators in these corporate collapses? Mayflower Fannie Mae Enron Lehman Brothers Bradford & Bingley Maxwell World.com BCCI Polly Peck Northern Rock Queens Moat Houses Barings Freddie Mac

  3. 2010 Goldman Sachs £17.5m (weak systems and controls) Barclays Bank (litigation) (structured products) Keydata (litigation) (inappropriate advice) J.P. Morgan £33m (segregation client money) Societe General £4.5m (failure to report transactions) Zurich £2.2m (loss of client data) RBS £5.6m (control failures) Enron the Play

  4. Why a hot topic? • Board governance inadequate • NEDs struggled on oversight/risk taking • Walker’s 33 recommendations in Nov 2009 (BOFI) • FSA Business Plan 2010/11 – Key Focus • CP10/03 FSA implementation of Walker/SIF/NEDs/Risk Governance • July 2009 White Paper of Governance of Mutuals • FRC review of combined code • EC Green Paper June 2010 • EU has proposed 3 new European Supervision Authorities (Omnibus)

  5. Current Initiatives/Actions • For mutuals – Cooperative and Community Benefit Societies and Credit Union Act 2010 • ICSA review of Higgs guidance (Dec 2010) • F.R.C. Combined/Stewardship/Remuneration Codes • Annotated combined code for mutuals • Comply or Explain – but for how long?

  6. Robert Wharton Tel: 0117 930 9572 Email: rwharton@ttuk.com Contact This presentation does not constitute legal advice.

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