“Governance profiles in markets and in financial intermediaries”, AIAF Nr. 72, September 2009

The article “Governance profiles in markets and in financial intermediaries” (original title: “Profili di governance nei mercati e negli intermediari”) by Daniela Carosio, SVI Senior Partner, was published in the AIAF online review Nr. 72 as of September 2009.


In this article, Professor Daniela Carosio discusses its view of corporate governance after the 2008 financial crisis and the debate that followed on the need to improve issuers’ corporate governance.

In this essay, a comparative perspective of governance systems within specific jurisdiction according to the country tradition and culture is presented. Professor Daniela Carosio introduces the preparation of the Cadbury Code in the UK, the path from the the Treadway Commission to the Sarbanes Oxley Act in the USA. The presentation of different Codes and Acts is fundamental to understand the concept of corporate governance and to understand its spreading and evolution throughout countries.

Furthermore, what the author points out is that, in order to invest in improved corporate governance of the issuers, it is important to have a deep knowledge of the governance of investors and how this governance influences their investment decisions (Stewardship). 

The author remarks that the concept of corporate governance and the first Corporate Governance Codes have been developed within the Anglo-Saxon tradition and the Common Law institutions where the financial markets are more advanced. Subsequently, other countries have then developed frameworks of Corporate Governance Codes and systems, adapting them it to their specific tradition and juridical heritage (the Civil Law tradition for continental Europe). 

Read the full article on the AIAF review.