Sunday, 10 April 2011

Plenty to catch up on

After a week of non stop ORSA, lots of little bits worth a comment over the last few days.

Cesare Geronzi, the Chairman forced out of Generali this week, could very well become the poster boy for old-school governance in this run in to Sol II. Having speculated publicly on a number of strands of strategy that he of course had no business doing, he became yet another high profile Latin 'Cesare' who took a few puncture wounds to the back...joking aside, everything that the System of Governance articles aims to address in nicely encapsulated in the story, so have a read.

Nice bit of stable door closing by the Irish Central bank (albeit shortly after Ballabriggs had bolted) with their enforcement threats to the Irish banking executives. Interesting angle on what might transcribe into Insurance governance, but ultimately I suspect this would not be welcomed by the non-Irish contingent in the IFSC, and is therefore a non-starter.

On the Sol II front, the compromise text for Omnibus II was published, with no surprises - time to start picking out which of the range of transitionals may actually be used (capital instruments and equivalence were the ones I had seen given most hope, but not as generous as the lobbyists would like. 

FRC have jumped in on the simplification game for annual report content, which is a noble thought, which may benefit from rules rather than recommendations. However, having trudged through over 200 pages of IFRS and EEV notes to the accounts for Pru, is the issue not in that field, rather than the jaw-jaw and faux-strategy that pads out the rest. More than that, the public disclosure requirements under Sol II could have been used to dictate some of this across the EU with a little more forethought.

I'll take a breather at that...

No comments:

Post a Comment