We need to think carefully, as of now, about how to make these developments fully compatible with the rights of individuals and about how to square the increasing availability of information on the private lives of each one of us in relation to our political views, state of health, or sexual orientation, with the protection of our personal freedom and with the rules that govern the functioning of a modern liberal democracy.
This means that the interests of creditors, depositors, policy holders, and clients need to have equal weight with those of shareholders and the decisions taken by the Board of Directors. Recognition of the directors’ fiduciary responsibilities is, therefore, an essential element of corporate governance for banks and other financial institutions. Unfortunately, the global financial crisis has provided many illustrations of failures of corporate governance.