Inadequate Regard for Corporate Governance Caused US Financial System Collapse: Western Expert

Azerbaijan, Baku, 24 September / Trend corr. A.Badalova/ Inadequate regard for good corporate governance caused the collapse of the US financial system, James Wilson, Director of the EU Ukraine Business Council, said.     

Last week was full of negative news for US financial system. Bankruptcy of Lehman Brothers, merging of Merrill Lynch and Bank of America, the news that Morgan Stanley, one of the last of survived banks, is seeking a partner to merge with, made the governments of several leading powers and their central banks to coordinate measures to struggle the world crisis.

"I believe that the system has been failed due to inadequate regard for good corporate governance. By this I mean that good companies that have systems in place to set good standards of governance, including the management of risk, will survive and be stronger as a result of the current turmoil," Wilson said to Trend via e-mail on 24 September.

"I believe that we will see a requirement for companies to adhere to programmes that require a much stronger observance of standards of governance, and that investors will be more careful to check company performance in this area in the future. I do not think this process will be government driven, but it will be investor driven, and stock exchange driven," he said.

"All business sectors are exposed, as firstly there is a global fall in business confidence, that is impacting on orders across all sectors, and secondly capital to fund debt will become much more difficult, and this will impact on the ability of companies to grow quickly," said Wilson.

EU Ukraine Business Council is an independent forum held for largest European companies' heads. The Council was established by non-profit organizations to stimulate trade and investments between EU and Ukraine, to assist companies to expand their commercial opportunities, as well as to promote the dialogue between the governments and the business so as to overpass the obstacles on the way to markets and the regulative barriers, which the Ukrainian business in EU and the European business in Ukraine are facing.

The correspondent can be contacted at [email protected]

Subscribe to Trend in Google News! Subscribe
Iran’s Bahar Azadi gold coin price dips
Iran’s Bahar Azadi gold coin price dips
S&P Global Ratings announces forecast for Azerbaijan's budget surplus
S&P Global Ratings announces forecast for Azerbaijan's budget surplus
S&P comments on possible swap line between Central Banks of Azerbaijan and Turkey
S&P comments on possible swap line between Central Banks of Azerbaijan and Turkey
Loading Bars
Latest
S.Korea says Iran to regain UN vote after delinquent dues paid with frozen funds
Electricity generation of Iran’s Bandar Abbas TPP surges
Uz-Kor Gas Chemical opens tender for purchase spare parts for analyzers and gas detectors
SCO to consider draft program proposed by Uzbekistan
Iran-Russia annual trade to increase to $10 b from $4 b
Kazakhstan confirms 14,012 new COVID-19 cases in 24 hr
French EU lawmaker Collard joins far-right presidential candidate Zemmour
Pfizer, Moderna boosters up to 90% effective against Omicron: CDC
Turkey’s Turkovac to be tested as booster for Pfizer-BioNTech jab
Guinea junta establishes council to lead transition to elections
Visit aims to rebuild trust with Lebanon: Kuwait foreign minister
UK records 76,807 new COVID cases, 297 deaths
EU Commissioner for Energy to visit Azerbaijan
Pfizer CEO sees annual COVID vaccine rather than frequent boosters
US Dept of State plans to begin evacuation of US embassy staff from Kiev on Jan 24
Blast hits western Afghan city of Herat, killing at least six
Georgia’s coal imports from Kazakhstan triple
Presidential administration of Georgia submits candidates for election commission to parliament
Remittances to Uzbekistan in 2021 totaled USD 8 bln
Iran seeks long-term, all-out ties with Turkey - Raeisi
Massive California wildfire triggers evacuations, closes highway
Italy's Berlusconi decides against running for president
Azerbaijan, Iran talk military cooperation
Azerbaijani chess player continues to lead in Tata Steel Masters tournament
Serviceman of Azerbaijan Army dies in non-combat conditions
Number of Turkish jobseekers in Uzbekistan revealed for 2021
UAE stops all private drone activities, light sports aircrafts
Airbus cancels $6bn contract with Qatar Airways
German conservatives elect right-winger Merz as new party leader
Non-hydro renewables overtake hydro for first time in Turkey
Record-breaking indicators in non-oil sector - what is secret to success of Azerbaijan's economic strategy?
Iran shares data on exports from Aras Free Trade Zone
Kazakhstan names damage caused to business as result of large-scale rallies
Georgia publishes COVID-19 data for January 22
Iran’s Bahar Azadi gold coin price dips
India now allows 6 people to register on one number for Covid vaccination
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,614 more COVID-19 cases, 610 recoveries
Azerbaijan changes rules for quarantine control of Covid-19
India's Karnataka approves design & launch of nano-satellite by govt school students at Rs 1.9 Cr
‘One Modi cannot change a country, need more icons like him’: Himanta Biswa Sarma
Seizing of illegally stored weapons from citizens continues in Kazakhstan - interior minister
Azerbaijani border serviceman commits suicide in military hospital
Iran unveils details of agricultural export
Kazakh Armed Forces performing tasks to ensure public order in regions with “red” level of terrorist threat
Tokyo hits record 10,000 COVID cases, Japan over 50,000 for first time
Number of COVID-19 infections in Russia surpasses 11 mln since pandemic began
Kazakhstan developing measures to reform Samruk-Kazyna Fund's activities
PMO records surge in load/unload operations at Iranian ports
S&P predicts gas production growth in Azerbaijan through 2025
Turkmen medical enterprise discloses production data
Azerbaijan to hold auction for Ferrum Kapital CJSC's bonds
Kazakh president talks need to continue work to reveal all circumstances of recent riots
Kazakh oil and gas company to purchase helium via tender
Iran reveals COVID-19 data for January 22
Oil price spikes likely in 2022 amid inventory tightness midyear
7 killed, 16 injured in massive fire in central Mumbai high-rise
Oil demand to be robust in coming years despite net-zero strategies
India reports 3,37,704 new Covid cases, 488 deaths in 24 hours
Number of COVID-19 infections in Russia surpasses 11 mln since pandemic began
OPEC+ focus to switch away from propping up prices
Iran shares data on buy/sell operations at its Mercantile Exchange
Most people feel I-T exemption limit could be raised from Rs 2.5 lakh: India's KPMG
Turkmenistan’s Balkandokma complex doubles cotton yarn sales
Uzbekistan reveals data on agricultural, forestry and fisheries production
Tax benefits to increase disposable income likely in India's Union Budget
Uzbekistan approves procedure for rational use of land resources
S&P discloses inflation forecast for Azerbaijan through 2025
S&P Global Ratings announces forecast for Azerbaijan's budget surplus
Magnitude 6.2 earthquake strikes Unalaska, Alaska
NIOC agrees with Russian companies to develop Iran's oil, gas fields
SOCAR dismisses information about purchasing bitumen plant in Armenia
Kazakh company eyes to import leather products from Uzbekistan
S&P comments on possible swap line between Central Banks of Azerbaijan and Turkey
Oil production in Azerbaijan to moderately rebound - S&P
Georgia discloses its main cement sources of import
Turkmenistan lays out plans for hydrogen energy development
US lawmakers seek litigation at WTO against India on wheat subsidy
Iran, Azerbaijan continue construction of Khudafarin and Giz Galasi hydro junctions (PHOTO)
Climate policy of Uzbekistan: Implementation of measures to prevent climate change and adaptation in most vulnerable sectors of economy
S&P Global Ratings approves Azerbaijan's credit rating at 'BB+/B'
UK Foreign Secretary to meet with Lavrov in Moscow in February
Netaji’s statue at India Gate to be 25 feet high: NMAG director
India to allow arms manufacturers to enhance production
Kazakhstan names Samruk-Kazyna's entreprises planned to be put up for IPOs
Iranian currency rates for January 22
Statistical center of Iran reveals figures of growing inflation
Azerbaijan reduces quarantine period for COVID-19 patients
Kazakh Gas Processing Plant opens tender on manufacturing of parts for pumping equipment
Azerbaijan's Kalbajar - most suitable for winter tourism among liberated areas, agency says
EAM Jaishankar dials envoys in US, Canada after 4 Indians freeze to death along US-Canada border
Balkan Shipbuilding Yard in Turkmenistan to build new ships
Uzbekistan shares domestic COVID-19 data for Jan.21
Azerbaijani oil prices decline
Azerbaijan talks probability of commercial oil & gas reserves at Aypara area in Caspian Sea
GM sets $6.5 bln for in Michigan electric vehicle plants -document
Georgia – Turkey trade turnover up
Subhas Chandra Bose's family members welcome PM's decision on Netaji's statue at India Gate
Kazakhstan talks business support measures related to tax legislation
Iran resumes gas export to Turkey
All news