In the decade since the worldwide financial crisis of 2008, there has been much speculation about what caused the failure, what factors contributed to it, and what can keep it from happening again.
IFC has given particular attention to the role poor governance played in creating an environment where such an event could occur—and how good governance practices can contribute to a healthier economy that can withstand the forces that precipitated the crisis.
Although governance failure was not the primary cause of the financial crisis, weak governance left the financial system less able to resist the pressures that brought it about, including global payments imbalances, surplus liquidity, weak regulation and prudential supervision, and market-pressure short-termism.
This compendium looks at the development of corporate governance since the financial crisis and asks whether governance rules and practices have developed in a way that positions companies better to address systemic risk.
By Jules Muis, Peter Montagnon, Denis Duverne, Fuad Hashimi, and Marcos E. J. Bertin. Foreword by John D. Sullivan.