SESSION TWO Full disclosure Assessing the quality of corporate governance reporting and its value for investors and companies All above T here has been much debate in recent years about the root cause of the global financial crisis. Some have pointed to poor risk controls and excessive leverage. Others have spoken of “a house of cards built on easy credit”. More probing commentators, however, have looked beyond these ‘symptoms’ to a deeper, more disturbing condition – that of the collapse of ethical behaviour across the financial industry. Behavioural misdemeanours at corporate level have certainly had a major impact on society, and the financial crisis has brought about a renewed focus on corporate conduct. Indeed, a widening constituency of stakeholders is now taking a greater interest in how companies are run and how they manage their affairs. 10 © Black Sun Plc 2011 www.blacksunplc.com