Handbook on Corporate Governance in Financial Institutions
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Handbook on Corporate Governance in Financial Institutions

Edited by Christine A. Mallin

The global financial crisis has led to more and more focus on corporate governance and financial institutions. There has been much coverage in the media about various corporate governance related issues in banks and other financial institutions, such as executive directors’ remuneration and bankers’ bonuses, board composition and board diversity. This engaging book, dedicated to the corporate governance of banks and other financial institutions, makes a timely and accessible contribution to the literature in this area. The chapters highlight many of the shortcomings of corporate governance which have led to financial scandals, whilst indicating areas where corporate governance can be strengthened and improved.
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Chapter 2: The Co-operative Bank: what went wrong?

Christine A. Mallin


In 2013 the Co-operative Bank made the headlines for all the wrong reasons. The failings at the bank were multifaceted and nearly brought the Co-operative Group to its knees. Its governance failings included a board of directors which was overly large and whose members did not generally possess the required depth of knowledge of banking and banking products in the modern age. This contributed to poor strategic planning and to weaknesses in the risk management aspects of the business. Furthermore, following the financial crisis of 2007_2008, there were increased capital requirements on banks which clearly impacted on the Co-operative Bank. The merger with the Britannia Building Society in 2009 and the subsequent failure to manage capital adequately only aggravated the situation.

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