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7 J. Banking Reg. 1 (2006)

handle is hein.journals/jlbkrg7 and id is 1 raw text is: Editorial Corporate governance of financial institutions The importance of effective corporate gov- ernance is evident when the history of the international capital markets is reviewed, as it demonstrates that a weak system of gov- ernance (eg in banks) increases the likeli- hood of financial fraud or loss. In the extreme case scenario, the fall-out from these failures may have wider systemic con- sequences, with a significant risk of con- tagion in the banking system. Banks as financial intermediaries in capital markets require investor and depositor confidence as a whole. Incidents such as large-scale corpo- rate failure can occasionally undermine this by calling into question the overall well- being of others in the market place and adversely affecting investor confidence. In the light of this, bank supervisors have, over a considerable period of time, placed a sig- nificant amount of emphasis on mechanisms to ensure effective corporate governance in regulated firms to reduce the likelihood of risks becoming unmanageable. This double issue of the Journal of Bank- ing Regulation (JBR) marks the publication of some of the papers presented at the 'Corporate Governance of Financial Insti- tutions' conference organised by the Society for Advanced Legal Studies, spon- sored by Oxford Brookes University in association with the JBR and held at Charles Clore House on 7-8 October, 2004. The conference attracted speakers from a number of countries and was pleased to welcome Ross Delston and Nancy Rawlings from the International Monetary Fund, and Dr Eva Hipkes of the Swiss Federal Banking Commission. The two day conference examined topics such as Basel II, the law and economic per- spective, the experience of developed, emerging market and developing econo- mies' adoption of a corporate governance regime, stakeholder interests and mechan- isms to ensure accountability of financial institutions. Professor Edward Cahill We must end on a sad note with the news that, while this issue was in production, one of its contributors, Professor Edward Cahill, passed away on 28th November 2005. Professor Cahill was keen that his paper 'Audit committee and internal audit effectiveness in a multinational bank sub- sidiary: A case study' be published in the Journal, and we are pleased to fulfil his wish here. This issue of the Journal of Bank- ing Regulation is dedicated to him. Dr Dalvinder Singh IALS Editor December 2005 Journal of Banking Regulation, Vol. 7, Nos. 1/2 2006, p. 1 © Palgrave Macmillan Ltd, 1745-6452/06 $30.00

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