Jay Cullen has written an article on Shareholder Value in Banking: Legal Fictions and Financial Stability which can be accessed on the Finance Watch blog at http://www.finance-watch.org/hot-topics/blog/1308-shareholder-value-in-banking
The article is part of a series of blogs on a Finance Watch project on the representation of public interest in banking.
Jay Cullen and Emilios Avgouleas have written a piece on the Oxford Business Law Blog entitled ‘Bank Governance and Capital Regulation – What is at the Root of Perverse Incentives? The blog post can be viewed at https://www.law.ox.ac.uk/business-law-blog/blog/2016/11/bank-governance-and-capital-regulation-–-what-root-perverse
On 28th November Professor Graham Gee chaired a high profile seminar on “Criticism and Accountability in Judging”, which explored some of the fallout of the High Court’s decision in Miller on Article 50. The seminar was run under the auspices of Policy Exchange’s Judicial Power Project. The panelists were Lord Hope (former Deputy President of the UK Supreme Court), Lord Howard (the former Leader of the Conservative Party and Home Secretary), Joshua Rozenberg (the country’s leading legal journalist and commentator) and Charles Moore (columnist at the Daily Telegraph and former editor of the Telegraph, the Sunday Telegraph and the Spectator). A video of the seminar can be found here.
During the autumn Richard Kirkham has been working on two legislative proposals being considered by Committees in the Assembly for Wales. On 28 October 2016, Richard presented his research to a workshop on the Public Services Ombudsman (Wales) Bill attended by members of the Assembly’s Finance Committee and staff, and a cross-section of the ombudsman community ( ‘The Ombudsman in a decade of public policy change’, Aberystwyth University).
On 14 October 2016, Richard gave evidence to a pre-inquiry meeting of the Constitutional and Legislative Affairs Committee which is considering drafting legislation on the appointment and accountability of commissioners in Wales. The Chair’s statement to the Assembly the following day read:
‘At the end of the fourth Assembly, the committee suggested in its legacy report that we should consider exploring issues surrounding the appointment and accountability of commissioners. It did so because it saw these as important matters of constitutional principle. Following our report on the Wales Bill, we have started to address our forward work programme and, as part of that process, we’ve been considering the merits of undertaking some work on the appointment and accountability of commissioners. As a first step in this process, we held an informal, productive meeting with some experts yesterday.’
The European Society of Criminology Annual Conference was in Munster this year from 21-24 September. CCR was well represented. Bart Claes gave a paper on ‘How restorative justice practices in prison promote desistance from crime’. Stephen Farrall was a keynote speaker responding to the plenary presentation of Manuel Eisner on developmental prevention, inervention and desistance and also presented his own paper on ‘The longterm impact of Thatcherism on crime and the criminal justice system’. David Hayes’ paper was on ‘Penal excess and subjective impact: prospects for retributivism in modern penology’. Dana Segev presented on ‘The pathways out of crime in England and Israel: comparative study of social structures and the dynamics of desistance’. David Thompson spoke about ‘Moving on after getting out: support and accountability for sex offenders’ and also gave a further paper ‘Smoothing re-entry: multiple perspectives of the value of Circles of Support and Accountability’, with Terry Thomas (Leeds Beckett University).
The European Society of Criminology has commenced an oral history project, in which eminent European criminologists are interviewed on video (to be put on their website, and similar to the project of the American Society of Criminology). Joanna Shapland was interviewed by Matthew Hall (University of Lincoln) as one of the first 13 criminologists to be interviewed for the project. She also presented a paper on ‘Disengaging from peers in the process of desistance’ (with Anthony Bottoms), as well as chairing that session on ‘Desistance’. She also chaired the Editorial and International Advisory Board meeting of the International Review of Victimology, held at the conference.
On 12th October 2016, we were pleased to welcome Professor David Zaring of the Wharton School at the University of Pennsylvania.
His lecture on ‘Foreign Relations and the American Federal Reserve’ (based on his recent paper) argued that the American Federal Reserve, in its foreign relations and by virtue of its unfettered independence, sometimes sets its monetary policy without considering American foreign policy and engages in international cooperation without reference to domestic institutions.
As a result, the core issue of foreign policy is being affected by a largely unsupervised agency – the Federal Reserve – thus creating a multiplicity of voices and some measure of uncertainty in American foreign policy.
Advocating reform of the Federal Reserve, the lecture outlined three possible solutions:
- Strengthening the executive branch of government by relocating matters of foreign monetary policy to a Trades Representative, duly appointed through Congress and answerable to the American President. This would however adversely affect the supervisory powers of the Federal Reserve.
- Strengthening the powers of Congress to control financial regulators albeit at the expense of dissipating the Federal Reserve’s independence.
- Requiring the Federal Reserves to supply Congress with testimony of its foreign policy at least twice a year to improve upon transparency whilst preserving independence. It was argued this measure would streamline foreign policy formation and communication.
Written by Kingsley Udofa, PhD candidate in the School of Law.