The Law on Corporate Governance in Banks
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The Law on Corporate Governance in Banks

  • Elgar Financial Law and Practice series

Iris H.-Y. Chiu, Michael McKee, Anna P. Donovan, Rod Edmunds, Andreas Kokkinis Kokkinis, John Lowry, Marc T. Moore and Arad Reisberg

Corporate governance in financial institutions has come under the spotlight since the banking crisis in the UK in 2008-9. In many respects, the banking business raises unique problems for corporate governance that are not found in other corporate sectors. The Law on Corporate Governance in Banks is the first work to provide a detailed survey and practical examination of key topical issues in the corporate governance of banks and financial institutions, including governance structure, collective board responsibility, directors’ liability, shareholders, and risk management. Combining the insight and expertise of leading corporate lawyers in the field with rigorous academic analysis, the book unpicks and clarifies the legal issues that confront corporate and banking law practitioners when advising banks and financial institutions.
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Chapter 2: CORPORATE GOVERNANCE AND BANKS: THE ROLE AND COMPOSITION OF THE BOARD

Edward Walker-Arnott

Abstract

This chapter will deal with the role and composition of boards of banks in five sections. Section 1 will set out the relevant company law. Section 2 will address the relevant principles of corporate governance and their expression in the UK Code of Corporate Governance. Section 3 will cover the regulatory overlay deriving from the Financial Services and Markets Act 2000. Section 4 will assess the various reviews of the banking failures of 2007/8 and what has been learnt that is relevant to the topic. Section 5 will consider what, in the light of the reviews, might or should change in the future.

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