Governance and regulations: A new financial economic order for asia?
After a series of crises originating from the US and the Eurozone, global finance has entered a new and uncertain phase. Investors have become more conservative, financial institutions are retreating from global markets, deleveraging in the private sector is almost the norm and traditional sources of funds like deposits have become more important.
The governance and regulatory landscape in the financial sectors has also changed much; e.g. the Basel III and macro-prudential regulations as well as the development of OTC derivatives clearance markets in multiple locations. At the same time, China, the new economic power house, is developing its own regulations, exerting its influence on Asian economies and beyond. Globally, rising regulatory constraints and uncertainties distort incentives and hamper financing and financial development.
These developments have implications in Asia: variegated global development and the extraterritorial influences of governance and regulatory changes have created turbulence in cross border capital flows, helping or retarding capital market development and the efficacy of Asia's capital allocation and growth.
In this session, we have invited leading industry experts to give their perspectives on these changes, their impact, how Asia should respond, and what further research is needed to better equip our practitioners and public policy decision-makers.
Panellists and Moderator
Mr. Piyush Gupta
Chief Executive Officer, DBS Group Holdings and DBS Bank
Piyush Gupta is Chief Executive Officer and Director of DBS Group, as well as Director of DBS’ subsidiary companies, The Islamic Bank of Asia Limited and DBS Bank (Hong Kong) Limited. Prior to joining DBS, Piyush was Citigroup’s Chief Executive Officer for South East Asia, Australia and New Zealand.
Piyush’s external appointments include serving on the Group of Experts to the ASEAN Capital Markets Forum and on the boards of The Institute of Banking and Finance, Dr. Goh Keng Swee Scholarship Fund, the MasterCard Asia/Pacific, Middle East and Africa Regional Advisory Board, the Institute of International Finance and Human Capital Leadership Institute. He is an advisory board member of Sim Kee Boon Institute for Financial Economics, and a council member of Singapore Business Federation. Piyush is also a Managing Council member of Indian Business-leaders’ Roundtable (under SINDA) and the Chairman of The Association of Banks in Singapore.
Mr. Andrew Sheng
President, Fung Global Institute
Andrew Sheng is well known in global financial circles as a former central banker and financial regulator in Asia and a commentator on global finance. As Fung Global Institute’s President, Andrew is responsible for its operations and, with the support and advice of the Academic Council, for driving its research agenda and thought leadership.
He is also the Chief Adviser to the China Banking Regulatory Commission and a Board Member of Khazanah Nasional Berhad, Malaysia. In addition, he serves as a member of the International Advisory Council of the China Investment Corporation, the China Development Bank, the Advisory Council on Shanghai as an International Financial Centre and the International Council of the Freie University, Berlin. He is also an Adjunct Professor at the Graduate School of Economics and Management, Tsinghua University, Beijing and the University of Malaya, Kuala Lumpur.
He has published widely on monetary, economics and financial issues. His most recent book is entitled From Asian to global financial crisis: an Asian regulator's view of unfettered finance in the 1990s and 2000s. He is also a regular contributor to leading economic magazines and newspapers in China and the Asian region. A chartered accountant by training, he has a BSc. in Economics and an honorary doctorate from the University of Bristol.
Mr. Jaspal Bindra
Group Executive Director and Chief Executive Officer, Asia
Standard Chartered PLC
Jaspal Bindra Group Executive Director and a member of the Board of Standard Chartered PLC, is based in Hong Kong as Chief Executive Officer, Asia. He was appointed to the Board of Standard Chartered PLC on 1 January 2010.
Jaspal joined Standard Chartered in 1998 and has held senior positions in the Group such as Global Head of Client Relationship for Wholesale Bank and Chief Executive Officer for India.
Before joining Standard Chartered, Jaspal was with UBS Investment Banking. He began his career with Bank of America in 1984 and worked with them across Treasury Markets and Consumer Banking in India and Singapore.
He sits on the Board of Governors of XLRI Business School and is a Board Director of US-India Business Council.
aspal is a qualified Chartered Accountant and has an MBA.
Dr Teh Kok Peng
Adviser and Chairman of China Business Group,
Government of Singapore Investment Corporation Pte Ltd
Teh Kok Peng is the Adviser and Chairman of China Business Group of Government of Singapore Investment Corporation Pte Ltd (GIC) and Board Member of the GIC Special Investments Pte Ltd. Before that, he was concurrently Deputy Managing Director of the Monetary Authority of Singapore (MAS) and Deputy Managing Director of GIC. Dr Teh joined the World Bank under the Young Professionals Program in Washington D.C. and worked there for six years, from 1975 to 1981.
Dr Teh obtained 1st class honours in Economics at La Trobe University, Melbourne in Australia and his doctorate in Economics at Nuffield College, Oxford University, England. He attended the Advanced Management Program at the Harvard Business School in the Fall of 1989.
Dr Teh’s other appointments include Chairmanship of Ascendas Pte Ltd, and board membership of Overseas Chinese Banking Corporation, Sembcorp Industries Ltd and China International Capital Corporation. He also serves as a member of NUS Board of Trustees.
Prof Randall Morck
Stephen A Jarislowsky Distinguished Chair in Finance, University Professor at the
University of Alberta
Randall Morck holds the Stephen A. Jarislowsky Distinguished Chair in Finance at the University of Alberta’s Alberta School of Business, and is a Research Associate with the National Bureau of Economic Research in Cambridge, Massachusetts. He graduated summa cum laude from Yale in 1979, and earned a PhD from Harvard in 1986. He returns to both periodically as a visiting professor: most recently to fill Yale’s Schoen Visiting Professorship in 2009 and Harvard’s Mackenzie-King Visiting Professorship in 2005.
Professor Morck has published over 80 papers on corporate governance, corporate ownership, and corporate finance in the American Economic Review, Journal of Finance, Journal of Financial Economics and other leading forums for academic research. His research includes some of the first systematic investigations of corporate governance, and is cited more than 17,000 times in other works.
Professor Morck has served as a consultant to the Canadian and U.S. governments, the World Bank, and the International Monetary Fund on corporate governance and other economic issues. He is a frequent speaker at academic, business, and government seminars and conferences in Canada and abroad. In 2006 he was granted the prestigious title of University Professor at the University of Alberta.
He is a regular visitor to NUS, where he holds the James Riady Visiting Professorship in Finance. He was also appointed as the Monetary Authority of Singapore (MAS) Term Professor in Economics and Finance from 10 to 21 December 2012.
Prof Bernard Yeung (Moderator)
Dean and Stephen Riady Distinguished Professor, National University of Singapore
Bernard Yeung is the Dean and the Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore (NUS) Business School. Before joining NUS in June 2008, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University Stern School of Business.
Professor Yeung’s research covers topics in international corporate finance, corporate strategy, foreign direct investment, and the relationship between institutions, economic development, and firm behaviour.
Professor Yeung received his Bachelor of Arts in Economics and Mathematics from the University of Western Ontario and his MBA and PhD degrees from the Graduate School of Business at the University of Chicago.