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]

UNESCO to take part in protection of cultural, religious heritage in Karabakh
UNESCO to take part in protection of cultural, religious heritage in Karabakh
Scientist talks Azerbaijani toponyms appropriated by Armenia
Scientist talks Azerbaijani toponyms appropriated by Armenia
Azerbaijan shares satellite images of liberated Kalbajar district (PHOTO)
Azerbaijan shares satellite images of liberated Kalbajar district (PHOTO)
Loading Bars
Latest
Two facilities in Iran’s oil sector to be put into operation
Baku residents hold rally celebrating Kalbajar's liberation (PHOTOS)
Georgia reveals data on persimmons and caraway seeds exports
Turkmenistan’s growth model relies on large-scale public investments - IMF
Four dead as migrant boat capsizes off Canary Islands, more missing
Kazakhstan’s joining UPOV could help improve lives, provide for economic dev't
SOCAR reveals volume of transshipment through Kulevi terminal
First VP Mehriban Aliyeva congratulates Azerbaijani people on liberation of Kalbajar (PHOTO)
Cargo handling at Kazakhstan's Aktau seaport decreases over 10M2020
Foreign trade turnover of Azerbaijan’s Nakhchivan Autonomous Republic increases
Iran reveals its COVID-19 data for November 25
Life insurance in Azerbaijan occupies about half of all insurance fees - association
SOCAR and LUKOIL eye expanding co-op
Baku Stock Exchange hosts auction for CBA's short-term notes
Concerns of some OSCE MG co-chairing countries don't matter - Erdogan
Kazakhstan boosts passenger cars manufacturing within 10M2020
Turkmen IT company to create first online platform of Union of Industrialists, Entrepreneurs
Azerbaijan to export medical masks to Russia and Germany
UNESCO to take part in protection of cultural, religious heritage in Karabakh
Iran says ready to return to Jan 20, 2017
Iran talks banking obstacles
Azerbaijan disclose data on investments in local renewable energy projects
Iran prevented release of German home appliances from customs
Kazakhstan’s oil producing company opens tender to buy spare equipment parts
Turkmen company provides domestic market with products made of polyethylene
Production of agricultural products increases in Azerbaijan’s Nakhchivan Autonomous Republic
Azerbaijani soldiers created conditions for Armenian population to leave village in Aghdam - president
Iran reveals data on new enterprises in free trade zones
Pashinyan, where did you sign the act of capitulation? - President Aliyev
When Pashinyan put forward seven conditions to us, I said: I have only one condition: get out of our land - President Aliyev
Azerbaijan's Nakhchivan reveals data on GDP
Amount of loans issued for agricultural machinery in Iran spikes
Those who want to accuse us of something should first of all look in mirror - President Aliyev
When we drove enemy out of Shusha, it destroyed water line feeding city - President Aliyev
Global LNG prices expected to strengthen in 2021
Armenians had made maps of “Nagorno-Karabakh Republic”, where are those maps? - President Aliyev
Kazakhstan's 10M2020 import of Turkish leather products declines
Gold, silver prices in Azerbaijan down
All damage will be calculated with participation of int'l experts - President of Azerbaijan
Azerbaijani oil price exceeds $48 per barrel
Uzbek-Korean JV to buy accumulator batteries via tender
Preliminary instructions have already been given for restoration of railway to Nakhchivan - President Aliyev
We have destroyed Armenian fascism - President of Azerbaijan
We will restore Kalbajar, let no-one have any doubts about that - President Aliyev
Armenian “historians” and fraudsters Armenianized ancient Albanian churches - President of Azerbaijan
When I was in Aghdam, I could not find single safe building - President Aliyev
Uzbekistan discloses tasks for service sector dev’t
Iran considering extraterrestrial farming in Azerbaijan
Export of leather goods from Turkey to France down
Uzbekistan’s Ministry of Finance to provide Uzbek banks with funds for family entrepreneurship dev’t
If Heydar Aliyev had not come to power in 1993, Azerbaijan would have lost its statehood in general - president
Main culprit in occupation of our lands is Popular Front of Azerbaijan - President Aliyev
Demand for Turkish clothing on Georgian market edges up in October
Georgian Basis Company to negotiate with Turkey and African countries for export
Italian companies interested in restoration work on Azerbaijan's liberated lands (PHOTO)
Azerbaijan lowers consumer spending indicators in 3Q2020
Azerbaijan reveals state budget expenditures for 3Q2020
President Aliyev congratulates people of Azerbaijan on occasion of Kalbajar's liberation from occupation
Iran's Lordegan Company declares revenues
Iran slightly raises electrical goods import from Turkey in 10M2020
Details on Enguri HPP rehabilitation process in Georgia unveiled
Scientist talks Azerbaijani toponyms appropriated by Armenia
Procedure for quarterly payment of VAT in Uzbekistan stays unchanged
Georgia reports 3,071 new coronavirus cases, 3,366 recoveries
Rate of urea production doubled in Turkmenistan
Late-planting potatoes being harvested in Turkmenistan’s Dashoguz region
Building materials import in Uzbekistan down
Switzerland sees potential in strengthening ties with Azerbaijan in renewable energy
Gas production in Iran grows
Azerbaijani Finance Ministry puts up medium-term bonds for auction
Azerbaijan sends samples of local tobacco to Brazil, Germany
Azerbaijan fulfilled UN's resolution by entering Kalbajar- speaker
President Ilham Aliyev addresses the nation (PHOTO)
Hybrid cars gaining popularity in Azerbaijan - Toyota Center Baku
Kazakh soft drinks manufacturer eyes building plant in Uzbekistan
Equinor, SOCAR work on detailing possible development solution for Karabagh project
Azerbaijan shares satellite images of liberated Kalbajar district (PHOTO)
Cargo shipments in containers through Port of Baku up
Ukrainian Bees Airline plans to launch flights to Georgian Batumi
Azerbaijan contributed to protection of Christian landmarks worldwide - Azerbaijani Deputy Minister for Culture
Baku-Tbilisi-Ceyhan oil transportation to Turkey up m-o-m
Azerbaijani army firstly to take control of border with Armenia, highland positions in Kalbajar - MoD (PHOTO)
Turkmenistan, Japan have prospects for intensifying mutually beneficial relations
Uzbekistan to study Germany’s experience in renewable energy field
Azerbaijan reveals data on export and import of cotton over 10M2020
Uzbekistan launches legumes exports to Laos for first time ever
Weekly review of Georgian capital markets
Ukrainian refineries get around 138,000 tons of Azeri Light via UkrTransNafta
Azerbaijani Armed Forces units enter Kalbajar (PHOTO/VIDEO)
Revenue of Kazakhstan's KazMunayGas plummet year-on-year
Personnel changes at AccessBank
Kalbajar returned to its true owners - Turkish government
Assembly of new-generation combines starts in Azerbaijan
Azerbaijani currency rates for Nov. 25
Iranian currency rates for November 25
US welcomes observance of agreements on settlement in Karabakh - Pentagon
Kalbajar district's return to Azerbaijan - new triumph of historical justice, says expert
As winter approaches, Egypt braces for second coronavirus wave
Turkmenistan, Malaysia aim to boost co-op in oil and gas sector
Uzbekistan reveals its COVID-19 data for November 25
All news