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McDonough: Issues In Corporate Governance |
September 29, 2002 | |
William J. McDonough, President and Chief Executive Officer Remarks by President William J. McDonough delivering the William Taylor Memorial Lecture I am honored this evening to be invited to deliver the William Taylor Memorial Lecture. Bill Taylor was a very special person. He was deeply committed to public service and to the well-being of this nation's financial markets in his many years as head of Bank Supervision at the Federal Reserve Board and as chairman of the Federal Deposit Insurance Corporation. For many of us, he embodied the ideals of a central banker and a bank supervisor: measured, professional, impartial, and unstinting in his willingness to go the extra distance in his search for the right answers to the problems he needed to address. His years in the bank supervisory community were cut all too short. We have sadly missed the benefits of his wisdom.
Disclosure is most useful as a complement to accounting statements. The need for mandatory disclosures will certainly continue, but firms should also be encouraged--and in some cases required--to make otherwise non-mandatory disclosures if accounting statements are misleading or incomplete. I would further argue that it is simply not enough for companies to disclose information. Investors also have to pay attention to the information disclosed. A lot of information underlying the proposed governance reforms is already disclosed. For example, by reading proxy statements, investors can make up their own minds about such issues as whether the audit committee members have sufficient financial expertise and how many stock options executives have received. What is clear is that the outstanding performance of the U.S. economy over the past decade lulled investors into a false sense of security. Recent events may, therefore, serve as a wake-up call--not only to management that the market is watching them, but also to investors and analysts to pay attention to the information already disclosed. While there have been many major improvements in disclosure practices over the past several years, with hindsight, I think that less progress was made than initially hoped and more could have been done. In short, I believe that there is a public policy need to rethink the entire disclosure framework. In my remarks this evening, I have underscored a number of issues that I believe merit immediate attention. Not one of these issues presents obstacles that cannot be addressed through the cooperative efforts of private and public sector participants. There are currently more than 6,000 publicly traded companies in the United States. Only a handful of these companies have been the object of concern this past year. At the end of the day, I have no doubt that the underlying depth and flexibility of the U.S. financial markets--combined with the heightened awareness of individual investors and the general public--will provide the necessary resilience to allow private and public sector initiatives to take root. Through these cooperative efforts, I believe that we will see an even stronger financial system evolve. In this way, we honor the memory of the man whose life we celebrate this evening. Thank you. |


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