US central banker urges pillar 3 action now in light of scandals

The breakdowns in accounting, auditing and corporate governance exemplified by the collapse of the energy-trading group Enron and other scandals, should serve as ‘a wake up call’ to corporate boards, management and auditors to enforce ethical standards and effective controls, US Federal Reserve Board governor Susan Bies said.

Banks must strengthen corporate governance to prevent such abuses occurring in their institutions, Bies told the Institute of International Bankers in New York. She made

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