Seminar: Board of directors in European companies – Aarhus (Denmark)

Board of Directors in European companies – Reshaping and harmonising their organization and duties

Many initiatives, though not all, have been part of the corporate governance movement and have thus been in the nature of soft law and directed at listed companies. There are currently further initiatives in the pipeline that are aimed at harmonising or reshaping the working of the boards of European companies, as can be seen in the Green Paper on Corporate Governance, the report of the Reflection Group etc. This seminar ahead of the publication of a volume on Board of Directors, took stock of the status of the initiatives which have been debated so far, to analyse whether the rules which have been adopted form a coherent system and to examine how these initiatives affect national law.

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Workshop – European Parliament – Directorate General for Internal Policies

Banks’ Remuneration Rules (CRD III) Are They Implemented and Do They Work in Practice

January 30, 2012, Brussels

In 2010 the European Parliament adopted ‘CRD III’ (i.e. Directive 2010/76/EU amending the Capital Requirements Directives) which included some of the strictest rules in the world regarding bankers’ bonuses. These rules took effect in January 2011. After one year of application, the ECON Committee felt that the time has come to check if these tough new rules on bonuses are properly implemented and have indeed effectively transformed the bonus culture and ended incentives for excessive risk-taking.
This workshop on the Implementation of Banks’ Remuneration Rules (CRD III) seeks to gather information on the state of play of implementation, in particular diverging application and the effects thereof, and will try to gain views as to the efficiency of the new framework for bankers’ bonuses. The views of the European Commission, as well as the current work of the Financial Stability Board (FSB), the European Banking Authority (EBA) and scientific experts in the area are properly taken into account for this evaluation.
Maria Cristina Ungureanu discussed ‘Bankers’ pay in EU banks after CRD III: Application of the rules in the EU and analysis of the effects’. In particular, she addressed the implementation of the CRD III remuneration rules in the European Union with examples from several Member States, showing the development of bonuses before and after implementation, highlighting positive developments and difficulties (of European/cross-border relevance), mentioning the influences of relevant developments in general company law and current work in the area of corporate governance.

Conference on Executive Remuneration after the Financial Crisis, Copenhagen

At the conference, organized by Copenhagen Business School, academics from leading universities including Cornell, EPFL, Tilburg, University of Chicago and the Wharton School met to present and discuss ongoing research on the topic. The conference ended with a special session targeted practitioners (business leaders, company board members, policy makers, supervisory authorities, advisers etc.). This section focused on the trends in executive compensation in Denmark, Europe and the US including expected changes following the financial crisis. Program

Maria Cristina Ungureanu discussed the paper “Does Institutional Environment matter in Executive Compensation? A multinational Analysis” by A Huettenbrink, M S Rapp and M Wolff.


4th edition of the International Risk Management Conference, Amsterdam

The 4th edition of the International Risk Management Conference held in Amsterdam provided a forum for recent advances in risk management, presenting the latest research from the major schools of thought in Corporate Finance, Banking, Financial Mathematics, Financial Accounting and a diversity of new econometric approaches to Risk Management. The event was organized by the Vrije Universiteit School of Finance & Risk Management, Amsterdam (Host institution), together with University of Florence, NYU Stern Salomon Center, Joint Research Centre of the European Commission and the School of Finance of University of Trieste as Permanent Organizers, and Corporate Governance Unit of the International Finance Corporation (World Bank Group) as Co-organizer. Keynote and invited speakers included Lorenzo Bini Smaghi (ECB Executive board member) , Edward Altman (NYU Stern), Aswath Damodaran (NYU Stern), George Pennacchi (University of Illinois). Parallel and plenary sessions program

In the session on “Corporate Governance and Incentives in Banking”, Dr. Maria Cristina Ungureanu presented the paper Economics, Politics and the International Principles for Sound Compensation Practices. – presentation


ICFR Briefing: “Lost in Implementation: The Rise and Value of the FSB Principles for Sound Compensation Practices at Financial Institutions”

Presentation of the essay awarded the runner-up ICFR-FT Research prize 2010

The essay entitled “Lost in Implementation: The Rise and Value of the FSB Principles for Sound Compensation Practices at Financial Institutions” , written by Prof. Guido Ferrarini and Dr. Maria Cristina Ungureanu was the runner-up to the ICFR-FT Research Prize 2010.

Full details of the event:


Conference: La remunerazione degli amministratori di società quotate. Il nuovo art. 7 del Codice di Autodisciplina

Conference organised by Optime – Formazione, Studi e Ricerche

17 June 2010 Hotel Carlton Baglioni, Milano

The conference held presentations and discussions concerning the remuneration of executives and top management of Italian listed companies in view of the new Article of the Italian Corporate Governance Code.

Conference programme: La remunerazione degli amministratori di società quotate

Maria Cristina Ungureanu gave a presentation on the financial crisis and executive compensation reforms in the international banking sector.

MCUngureanu_Presentazione_Optime (IT)


Forum Corporate Governance

Forum Corporate Governance organized by Business International

31 March 2010 Grand Visconti Palace, Milano

The Conference, Chaired by Maria Cristina Ungureanu (University of Genoa) analysed the latest financial issues (subprime motgages, junk bonds, corporate scandals), which have raised debates on the efficiency of the Corporate Governance systems and their presumed role as antidote against faults in financial markets, managers’ unjust behaviours and inefficiencies of risk management systems and internal controls. Experts discussed the perspectives for the Italian corporate governance, new structures for executive remuneration, internal control systems and governance models.

Conference programme: Forum Corporate Governance

Maria Cristina Ungureanu also gave a speech about international reforms in Corporate Governance following the financial crisis.

Presentation: MCUngureanu_Forum CG


Academy of European Law (ERA): Annual Conference EU Company Law

Conference organised by the Academy of European Law at their headquarters in Trier

22-23 March 2010, ERA Congress Centre, Metzer Allee 4, Trier, Germany

Conference’s key topics included:

  • the most recent European Commission initiatives in company law;
  • corporate governance and compliance in the current economic context;
  • a review of the experience with the European Company (SE);
  • the state of play of the European Private Company (SPE) statute;
  • the consequences of the Cartesio ruling (C-210/06) as the latest episode in the Centros-Überseering saga;
  • an overview of the EU company law tools available for a transfer of sea

Maria Cristina Ungureanu presentation: MCUngureanu_Presentation ERA

Programme: Academy of European Law_ TRIER (Germany)


Politiche di remunerazione Governo dei rischi e pratiche commerciale L’impatto nel settore assicurativo

Conference organized by AIDA (Associazione Internazionale di Diritto delle Assicurazione – International Association of Insurance Law) and Fondazione CESIFIN Alberto Predieri

22 January 2010, Palazzo Incontri, Florence

The Conference gathers academics in discussions about regulations in the insurance sector. It is also addressed to the banking and investment industries, for sharing interdisciplinary issues emerged from the new regulation framework following the recent financial crisis. The crisis fed into the debate about the most efficient regulation measures, to ward off future financial instabilities.

Conference programme: Programma Firenze AIDA

Maria Cristina Ungureanu gave a speech on the international regulation framework in the financial sector.

Presentation: Ungureanu_Firenze_It


Conference: European Capital Markets Law: Problems and Cases

Conference organized by CRELE (Centre for Research in Law and Economics)

27-28 November 2009, University of Bozen-Bolzano                                    

The aim of the conference was to discuss current topics raised by some recent European cases in the areas of securities law and corporate governance. Cases were analyzed from a law and economics perspective, to outline a common core of relevant legal issues in this field and to investigate the reason for differences emerging at national level.

Conference Program: European Capital Markets Law: Problems and Cases

Maria Cristina Ungureanu presented the results of her recent research on remuneration policies at banks that received government aid, including case studies of UK and Swiss banks.

MCUngureanu_Presentation Bolzano