2020 Central Bank Board: Good Governance, Resilience and Enhancing Performance
Central Bank Board: Good Governance, Resilience and Enhancing Performance
Agenda
Participants will have access to pre-recorded presentations two weeks before the course
Hacked! Understanding cyber resilience in an era of digital disruption
Pre-recorded presentation
- Implications of cyber risk for central bank mandates, policy functions and corporate services
- Cyber attack: key features of effective crisis management plan and business continuity
- Roles and responsibilities of the board in a cyber attack crisis
- Discussion: what is the boards role during a cyber attack?
Branding and reputation: internal and external communication – lessons from Covid-19
Pre-recorded presentation
- Overview of internal and external communication practice during a crisis
- Tips for successfully executing a crisis communication strategy
- The role of a social media presence during a crisis
- Case study: lessons learned during the Covid-19 outbreak
Mirela Roman
Strategy advisor to the board (external communication and public relations)
National Bank of Romania
Following the graduation IT College and the Academy of Economic Studies in Bucharest, Mirela Roman joined the Monetary Policy Department of the National Bank of Romania for almost three years up to 1994 when switched to gain almost 12 years of valuable experience as an economics correspondent at Reuters News Agency, working in Bucharest, London, Prague, Warsaw or Copenhagen. In 2005 she rejoined NBR as an Adviser to the Governor and has run a newly created Communication Department for eight years before taking a new challenge: the strategy path. Economic analysis, news coverage, project development and team coordination defined her business for years, while her focus was growing with memberships in the local Foreign Press Association, the Romanian-Chinese Association, the Club of Rome Romanian arm, Ethics Board of the ICCO-Affiliated Romanian Association of Public Relations as well as a lecturer in Winsor or Cambridge training series by Central Banking Publications for a decade now.
Challenges for central banks under a multi-mandate framework
Pre-recorded presentation
- The key issues facing financial reporting in the modern central bank
- Operational challenges central banks face in adapting to the new environment
- Implications for balance sheets, contingent liabilities and shareholder relations
- Discussion: impact of Covid-19 measures on balance sheets in participants’ home jurisdictions
Valeria Gontareva served as the Governor of the National Bank of Ukraine in 2014-2017. She was the first woman to lead Ukraine’s central bank and oversaw vital reforms to implement a new monetary policy of inflation targeting and flexible exchange rate regime, to clean up Ukraine’s banking sector, strengthen regulatory supervision, and ensure the independence of the National Bank.
Ms Gontareva started her career in financial services in 1993 and built up over two decades of private sector experience at both Ukrainian and international financial institutions before her appointment as Governor of the central bank. Between 1996 and 2000 she worked at the Kyiv branch of Société Générale, moving to ING Bank in 2001 where she rose to first Deputy Chairman of the Board. Between 2007 and 2014 she led Investment Capital Ukraine (now ICU), a top Ukrainian financial services group.
Ms Gontareva graduated in 1987 from Kyiv Polytechnic Institute and also obtained a Masters degree in Economics from Kyiv National Economic University in 1997.
Overseeing central bank performance
Pre-recorded presentation
- Key areas where central banks need to deliver
- The role of the board in assessing performance
- Reporting frameworks: their content, frequency and what questions to ask
- Case study: critiquing examples of boards’ direct involvement
Times in GMT
12:00 – 12:30
Course introduction
Opening remarks with the course chair
- Introduction of the chairman
- Overview of the training course
- Discussion of the delegate expectations
12:30 – 13:30
Environmental, Social and Governance (ESG): how, where and when can central banks contribute?
Presentation followed by Q&A
- Climate risk and central bank mandates – division of responsibilities with governments
- Integrating climate risk into risk management frameworks related to monetary policy and financial stability
- Frameworks for integrating ESG considerations and climate risk into investment decisions
- From COVID-19 to green recovery?
- Concluding observations
Chair: Audun Grønn
Former IMF executive director, former special advisor to the Governor, Norges Bank
Norges Bank, International Monetary Fund (IMF)
Born 1953. Mr. Grønn holds a graduate degree in economics (cand.oecon. 1979) from the University of Oslo. Work experience since 1980 includes various positions at Norges Bank, including Director of International Department, Director of Statistics Department, and Special Advisor to the Governor. Mr. Grønn spent altogether eight years at IMF’s Executive Board in Washington DC, as Senior Advisor (1989-1992), Alternate Executive Director (2011-2013) and Executive Director (2013-2016), as well as one year at the ECB in Frankfurt as national central bank expert, monetary policy (2005-2006). He retired from his position at Norges Bank in July 2021, but continues as a consultant on a part-time basis.
13:30 – 13:45
Break
13:45 – 14:45
Digital money issuance, oversight and regulation: where do central banks stand?
Presentation followed by Q&A
- Taxonomy of digital money: CBDCs, stablecoins and crypto assets
- Implications for roles and responsibilities of central banks
- Overview of key financial, operations and regulatory risks
- Discussion: how to educate markets, players and the public?
14:45 – 15:00
Break
15:00 – 16:00
Financial strength: what does it mean for central banks – and how to achieve it
- Taxonomy of variable determining central banks’ financial strength
- Role of accounting in maintaining central banking independence
- Implications for the relationship with the public and stakeholders
- Discussion: how to determine the appropriate level of financial resources needed for central banks to perform their functions?
Robin Darbyshire is a chartered accountant who has worked, as an independent consultant for 10 years, mainly on central bank issues. He has undertaken a number of projects for the International Monetary Fund, including implementation of International Financial Reporting Standards (IFRS) in central banks. He has also worked on a payments system at a middle eastern central bank. Previously he spent 19 years with the Bank of England, for 17 of which he was responsible for the Bank’s accounts. He was a founder member of the committee that devised the accounting framework and policies for the European System of Central Banks and has recently undertaken projects for the European Central Bank related to Eurosystem accounting. He has written a number of articles on issues in central bank accounting and regularly speaks at conferences on central bank finances.
16:00 – 16:00
End of day 1
Times in GMT
12:00 – 13:00
Maintaining central bank independence
Presentation followed by Q&A
- Key challenges to central bank independence in 2020
- Role and responsibilities of the board in safeguarding independence
- Examples of legal and governance measures available and effected
- Discussion: accountability and central bank independence as mutual enablers
13:00 – 13:15
Break
13:15 – 14:15
Good governance: the role of diversity and inclusion
Presentation followed by Q&A
- Diversity and inclusive culture as building blocks of good governance frameworks
- Implications for corporate services and the human resources function
- Examples of projects and initiatives focused on integration of under-represented groups
- Discussion: what should the board do to lead by example?
14:15 – 14:30
Break
14:30 – 15:30
Reporting lines and the role of the secretary of the board
Interactive workshop with delegate participation
- Examples of frameworks for organising priorities and activities of the board
- Role of the secretary of the board in managing information flow and interdepartmental communication
- Building blocks of effective reporting lines and processes
- Discussion: what is expected of the board secretary in the delegates’ home organisations?
John Jussup was general counsel and secretary of the Bank of Canada, from 2009 until July 2012. Prior to joining the central bank, he was senior vice-president, chief legal officer & secretary of Cognos Inc., one of Canada’s leading software companies, from 1993 until its acquisition by IBM in 2008. Before joining Cognos, Mr Jussup held increasingly senior in-house counsel and secretarial positions in the mining, medical diagnostics and finance industries. He graduated from the Royal Military College of Canada and from Queen’ University, in Kingston, Canada (LLB). He was called to the Ontario Bar in 1979. He was a recipient of the Canadian General Counsel of the Year Award in 2005 in recognition of his achievements corporate governance. He currently sits on a number of boards and consults in the areas of in corporate secretarial and in-house legal practice.
15:30 – 15:45
Break
15:45 – 16:15
Networking break
Post training survey and feedback
CPE/CPD certificate
Course alumni group
Chair
John Jussup
Former General Counsel and Corporate Secretary
Bank of Canada
John Jussup was general counsel and secretary of the Bank of Canada, from 2009 until July 2012. Prior to joining the central bank, he was senior vice-president, chief legal officer & secretary of Cognos Inc., one of Canada’s leading software companies, from 1993 until its acquisition by IBM in 2008. Before joining Cognos, Mr Jussup held increasingly senior in-house counsel and secretarial positions in the mining, medical diagnostics and finance industries. He graduated from the Royal Military College of Canada and from Queen’ University, in Kingston, Canada (LLB). He was called to the Ontario Bar in 1979. He was a recipient of the Canadian General Counsel of the Year Award in 2005 in recognition of his achievements corporate governance. He currently sits on a number of boards and consults in the areas of in corporate secretarial and in-house legal practice.
Learning outcomes:
By the end of the training course, participants will have gained new knowledge and a more comprehensive understanding of:
- Effective environmental, social and governance (ESG) initiatives
- Cyber risk and disruptive technology
- How to demonstrate good governance through communication
- The boards role in a crisis situation
- Overseeing central bank performance
- Governance, legal structure and operational risk
- The role of the secretary of the board
