Corporate Governance for Credit Institutions and Investment Firms after the Financial Crisis: The new legislative requirements for the BoD

With Dr Christina Livada

Introduction

Weaknesses of corporate governance are considered as a crucial factor, which contributed to excessive risk taking from credit institutions and investment firms. Many boards and senior managements underestimated the risks they were running and did not provide the necessary control of management. Furthermore, remuneration and incentive schemes were accused to reward short-termism to the detriment of long-term sustainability of the enterprise.

CRD IV as well as MiFID II established detailed legislative rules on:

• the tasks of the board of directors,
• the competences of its members,
• the committees which should be established at the board level, and
• Remuneration policies.

The regulatory framework is also completed by the relevant Regulatory and Implementing Technical Standards, as well as guidelines of the EBA and the ESMA. Furthermore, specific rules such as “Say-on-pay” are under preparation at European level.

Trainers: 

Dr Christina K. Livada, Lecturer of Commercial Law, Special Legal Advisor of the Hellenic Associafion of Banking and Capital Markets

Dr Christina Livada is a Lecturer of commercial law at the Faculty of Law of the National and Kapodistrian University of Athens. Her main fields of specialization are company law, public and private banking and capital markets law, as well as consumer protection law. She is the author of several books and articles in the abovementioned fields. Christina Livada is working for the last fifteen years at the Hellenic Bank Association as a Special Legal Advisor (currently on a part-time basis), responsible for the regulatory issues pertaining to banking, capital markets and consumer protection law. She is a member of the corporate governance Working Group of the Hellenic Corporate Governance Council for the review of the Greek Corporate Governance Code. She is also member of the Hellenic Association of Banking and Capital Markets Law and responsible for the content of the scientific Review Financial Law.

She obtained her PhD from the Faculty of Law of the National and Kapodistrian University of Athens in 2004. In 1996, she obtained her D.E.A. in International Law (International Private Law and Commercial Law) from the Panthéon-Assas University (Paris II). In 2000 she was awarded a research scholarship from the Swiss Institute of Comparative Law in Lausanne. In 1995 she completed her undergraduate studies at the Faculty of Law of the National and Kapodistrian University of Athens.

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