The Challenge of Governance!!
Posted by Oliver Nyumbu
April 26th, 2008
Since the summer of 2007 Citigroup has written down £10bn. This development has led a business newspaper to run a piece under the title, “Citi seeks finance-savvy directors“. Writing about this and other crises in banks such as : Citigroup, Royal Bank of Scotland, and UBS, Paul Myners concludes,
“A typical board resembles a retirement home for the great and the good. If such a selection was ever enough, it is not now”.
Four days earlier, a UBS senior executive had been quoted as having said,
“We had 20 people on the beach looking at grains of sand when the tsunami came along and wiped everybody out”.
Governance is as demanding as it it important. What instructive stories are you aware of in respect of governance?
