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1 wim van der stede

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  • 1. Risk and Governance Reporting: p gChallenges for Effective Disclosures Wim A. Van der Stede CIMA Professor of Accounting & Financial Management London School of Economics & Political Science L d S h l fE i P li i l S i |1| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 2. With every major corporate crisiscomes a new wave of regulatoryreform, yet seemingly incapableof preventing the next one |2| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 3. Regulation g• Incompleteness• Imprecision• Substitution• Unintended consequences |3| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 4. Will who or what is fit to serveserve well? |4| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 5. More or less regulation?Tussle between • Self-correcting market forces • Over-prescriptive regulation |5| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 6. Comply or explain py p |6| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 7. Comply or explain py p • Companies are ‘remarkably remarkably compliant’ • ‘Box-ticking’ by both issuers and users |7| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 8. Explain and demonstrate p • Minimal guidance • Learning as a disciplining mechanism and to combat obsolescence • ‘Corporate mandate’ driven |8| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 9. UNCTADDisclosures should be shaped for preal use and addressed directlyto value |9| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 10. Accountability is a precondition y pfor responsibilityRelevant information is the keymechanism for vigilant stakeholders gto enforce accountability | 10 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 11. Disclosures should be shaped forreal use and addressed directlyto value | 11 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 12. FRC (June 2010)) ( The personal reporting on governance by chairmen as the leaders of boards might be a turning point in attacking the fungus of ‘boilerplate’ which is g p so often the preferred and easy option in sensitive areas but which is dead communication | 12 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 13. Accounting risk v. governance risk or …the things addressed directlyto value | 13 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 14. Regulators should be firm in their g requirement for disclosure but restrained in their prescription p pUsers should be vigilant for credibledisclosures and skeptical for merelycosmetic claims by issuers | 14 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 15. Issuers with robust risk processes pshould embrace the opportunity to‘make their case’ rather than to besubjected to ever more onerous,expensive rules p | 15 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 16. Complacency is the enemy p y yDiscipline and learning are its p gbest repellantsRegulation should provide the firstwithout numbing the second g | 16 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  • 17. Risk and Governance Reporting: p gChallenges for Effective Disclosures Wim A. Van der Stede CIMA Professor of Accounting & Financial Management London School of Economics & Political Science L d S h l fE i P li i l S i | 17 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede

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