FOR IMMEDIATE RELEASE Media Release: The Governance Trap – Tracking behaviour and change Solvency II Wire and the Centre for Analysis of Risk and Regulation (CARR) at the LSE hold second cross-sector regulatory dialogue on the role of governance in regulation.
LONDON Thursday 10 November 2016 – ‘The Governance Trap: Tracking behaviour and change’ is a collaboration between Solvency II Wire and the Centre for Analysis of Risk and Regulation (CARR) at the London School of Economics. The second event in the series brought together ten senior representatives of regulatory authorities from a wide range of sectors in the UK and Europe to explore the ways in which governance and behaviour can be measured and tracked by supervisors.
Participating organisations Bank of England, Prudential Regulatory Authority (PRA) Danish Financial Supervisory Authority (DFSA) De Nederlandsche Bank (DNB) European Insurance and Occupational Pensions Authority (EIOPA) Food Standards Scotland (FSS) Gibraltar Financial Services Commission Office of Gas and Electricity Markets (Ofgem) The Pensions Regulator, UK The Law Society of Scotland UK Statistics Authority
The discussion expanded on the first event in the series, ‘The Governance Trap and the Future of Regulation’, and aimed to identify practical methods for supervisors to understand and measure the quality of governance and culture in regulated entities, while avoiding the pitfalls of over reliance on standardisation. The unique cross-sector debate was followed by a public session with a select audience of senior industry practitioners and academics, providing an opportunity for multi-lateral dialogue and learning.
Gideon Benari, editor, Solvency II Wire, said: “The success and high level of engagement of both Governance Trap events demonstrate the on-going need to improve the existing regulatory framework. Exploring new and more effective ways to regulate, not only the financial services but also other industries, remains an on-going challenge. The Governance Trap events are a welcome step in this direction.”
Mike Power, LSE and CARR, said: “The discussion by this group of expert regulators from different sectors was rich and productive, ranging from issues about structure and measurement to the capabilities of supervisors to grasp the operational reality of governance. And while it was agreed that the board is a core actor in the governance process, the group also recognised that regulators must understand where power in regulated firms really lies”.
‘The governance Trap: tracking behaviour and change’, was co-chaired by Mike Power, professor of accounting, London School of Economics and Gideon Benari, editor, Solvency II Wire.
The event was hosted by:
An event report and a series of articles from participants will be published in the coming months. Click here to subscribe to the mailing list to receive notification of publication by email. <ENDS> Media Enquiries: Solvency II Wire Gideon Benari, Editor, Solvency II Wire Mobile: +44 (0)7957 425 379 Email: [email protected] CARR Mike Power, Professor of Accounting, CARR, LSE Telephone: +44 (0)20 7955 7228 Email: [email protected]