The Basel Committee on Banking Supervision today issued for public comment revised guidance to help promote the adoption of sound corporate governance practices by banking organisations.
Entitled Enhancing Corporate Governance for Banking Organisations, it builds on guidance published by the Committee in 1999. Since the publication of the original paper, which drew from the Organisation for Economic Co-operation and Development's (OECD) principles of corporate governance, issues related to corporate governance have continued to attract considerable national and international attention. In light of these issues - some of which have involved banks - as well as revised OECD principles published in 2004, the Committee is bringing its guidance up to date.
Mr Jaime Caruana, Chairman of the Basel Committee and Governor of the Bank of Spain, said today, "Effective corporate governance is essential to maintaining public trust and confidence in the banking sector, and provides a crucial anchor for sound risk management practices."
See full Press Release, BIS Guidance and full Report, in pdf format.
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