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Foundation for Accounting Education 2008 Banking Conference “GOVERNANCE” Patricia Meadow

Foundation for Accounting Education 2008 Banking Conference “GOVERNANCE” Patricia Meadow First Deputy Superintendent of Banks New York State Banking Department September 25, 2008. Patricia Meadow First Deputy Superintendent of Banks Patricia.Meadow@banking.state.ny.u s (212) 709 -3502

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Foundation for Accounting Education 2008 Banking Conference “GOVERNANCE” Patricia Meadow

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  1. Foundation for Accounting Education 2008 Banking Conference “GOVERNANCE” Patricia Meadow First Deputy Superintendent of Banks New York State Banking Department September 25, 2008

  2. Patricia Meadow First Deputy Superintendent of Banks Patricia.Meadow@banking.state.ny.us (212) 709 -3502 The information presented in this paper is for discussion purposes only. Any views expressed in this presentation are solely those of the author and are not intended to reflect those of the New York State Banking Department.

  3. GOVERNANCE • Worthwhile to restate and review guiding principles of corporate governance and their applicability in today’s financial climate. What are these principles?

  4. GOVERNANCE • Duty of Board of Directors to select a CEO and to oversee the CEO and Senior Management in the competent and ethical operation of the institution on a day to day basis.

  5. GOVERNANCE  How do you make decisions? Individual? Committee?  Who is included in decision making process?  Is decision making siloed?  What is organizational structure like? Are roles well defined?  Who are the stakeholders?

  6. GOVERNANCE • Responsibility of management to operate institution in an effective and ethical manner. Senior management is expected to know how the institution earns its income and what risks it is undertaking in the course of carrying out its business.  Accountability?  Testing of risk assumptions?

  7. GOVERNANCE • Responsibility of management, with the oversight of the board and its audit committee, to produce financial statements that fairly present the financial condition and results of the operation.  Return to focus on asset quality  Is “off-balance” sheet a reality?

  8. GOVERNANCE • Responsibility of board and audit committee to engage an independent accounting firm to audit financial statements. • Independent accounting firm should inform board, through audit committee, of any concerns it may have about:  The appropriateness of significant accounting treatments and/or business transactions that affect the fair presentation of the institution’s financial condition  Weaknesses in internal controls

  9. GOVERNANCE • The application of these principles should advance the ability of US institutions to compete, create jobs, and generate economic growth.

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