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Benedicte Gravrand, Opalesque London:

At yesterday's IIEF Institutional Investor Europe Conference in London, panelists discussed the interesting balance of power between boards of directors and shareholders. Most agreed that corporate governance was not at the root of the crisis - and maintained that it was rather a matter of regulations. The issue of meek boards of directors being too compliant with shareholders who too often have conflicting views and objectives was also raised.

And the speakers agreed that, in terms of corporate governance, there was a need for two partners working closely together, namely boards of directors interacting with shareholders and shareholders acting in unison.

The International Corporate Governance Network (ICGN) Board published a Second Statement on the Global Financial Crisis in March, ahead of the G20 Leaders Summit. ICGN is an investor-led network based in London that examines and promotes good corporate governance. Corporate governance is the way a corporation is directed, administered or controlled. It also includes the relationships among the stakeholders and the goals for which the corporation is governed.

According to ICGN, "it is now widely agreed that corporate governance failings were not the only cause of the crisis but they w......................

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