ABSTRACT
The major global recession in the period 2009–2012 was a watershed for institutions of all kinds, and initiated a period of review and change. These effects were not just in financial services, but also in most aspects of the economy and society, as reflected in formal enquiries and institutional reform. The recession signalled an end to the complacency that had characterized regulatory institutions around the world, and presented the sharp choices for economic survival in the economies of Europe and US. Financial regulation weaknesses were seen as being at the heart of the problems. One outcome of the institutional reviews has been a new emphasis on corporate governance and what that means for the private sector, the public sector and for the ‘third sector’ of charities. The watchwords of ‘accountability’, ‘transparency’ and ‘honesty’, as well as the recognition of the importance of social responsibility for governments, companies and individuals express the general desire for a change to our relationships in society.
