CFA president seeks overhaul of finance industry in six key areas
21 May 2013
News, Global, Singapore
By Asia Asset Management
John Rogers, president and CEO of CFA Institute, on Monday (May 19) called for an overhaul of six key areas in the financial industry to shape a more trustworthy, forward-thinking financial industry for future generations. Speaking at the 66th CFA Institute Annual Conference in Singapore, Mr. Rogers defined the areas in which reform is necessary as: putting investors first; safeguarding the system; retirement security; financial knowledge; regulation and enforcement; and transparency and fairness.
“The past five years have been troubled times for financial services and for the investment profession. We at CFA Institute believe that we can help restore the public trust, which is so essential to put finance back in its real role as an enabler of social and economic progress,” he said. “The six topics I describe today are critical building blocks toward a financial system that can receive the trust and confidence of people everywhere. I’m asking you to drive change specifically in these critical areas. Go back to your firms, and your communities, and tackle these issues. The future of finance starts with you.”
Forty-eight eminent speakers joined Mr. Rogers at the conference to discuss and share insights on the future of finance, including Ng Kok Song, adviser and chair of global investments, Government of Singapore Investment Corporation; George Friedman, CEO and founder, Stratfor; Dambisa Moyo, international economist, author and investment strategist; Michael Woodford, former president and CEO, Olympus Corporation; and Andrew Sheng, president at Fung Global Institute. This marks the first time CFA Institute has held the conference, one of the investment industry’s largest and longest-running events, in Asia.
As a catalyst to Mr. Rogers’ calls for reform, CFA Institute recently launched the Future of Finance project, a long-term global effort to shape a trustworthy, forward-thinking financial industry that better serves society by providing the tools to motivate and empower the world of finance to commit to fairness, improved understanding, and personal integrity. In addition to the Statement of Investor Rights, the first tool of the Future of Finance project, Mr. Rogers announced the Principles for Investment Reporting, which was created to enable clear, trustworthy investment reporting.
“CFA Institute has strong credibility in the area of transparency and fairness,” continued Mr. Rogers. “We are known as a standard setter, with the Global Investment Performance Standards (GIPS), our programs’ curricula, and our members’ code of conduct and standards of professional practice, among others. Capital markets thrive in sunlight, and serve their role in society when participants are treated fairly.”
To guide the project, CFA Institute established the Future of Finance Advisory Council. Chaired by leading British economist Professor John Kay, the council comprises a distinguished list of global leaders from academia, industry and the public sector.
The 66th CFA Institute Annual Conference runs May 19-22 in Singapore, where more than 1,200 delegates, award-winning academics, economists, and business leaders will share ideas, expand their professional competence, and join CFA Institute in its efforts to restore trust in finance and raise standards in ethics, education and professional excellence.
More News >