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Abstract from

Banks as Regulators of Corporate Governance: The Possibilities and Challenges

Vijaya Nagarajan teaches and researches law at Macquarie University.

This article conceives of corporate governance as a process where actors internal to the corporation, and external from it, participate to make the corporation and its officers accountable. Banks which have played an important role in corporate activities and economic growth can potentially also participate in overseeing the governance practices of corporations with which they deal. Efforts to pressure banks to participate in this regulatory role have come from both within the corporation and from outside it. These efforts, that can be described as meta-regulatory, represent possibilities of the manner in which corporate governance can develop. However, to be effective, meta-regulation needs an infrastructure which will allow these banks to be scrutinised and made accountable. There lies the challenge. This article discusses what such an infrastructure would look like as a way of addressing this challenge.

(2014) Vol 30 Law in Context p171

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