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DTCC overhauls corp governance

Wednesday 29 December 2010 - by Nicola York

The US Depository Trust & Clearing Corporation is undergoing a restructuring to adopt a new corporate governance model which will better align it with global standards.

The DTCC announced this week that it will be separating the role of chairman and chief executive officer following a two-year review of the organisation's governance.

It says the separation of the chairman and ceo will
increase its oversight of risk management and follows a growing number of international companies that have adopted this in recent years.

The ceo will oversee the DTCC's overall business strategy and operations that relate to the daily running of the company and will report to the chairman.


But it says that DTCC's risk management and compliance departments will report directly to the chairman to heighten independence, leading to a system of "checks and balances" between the business and control functions.
The newly vacant role of chairman is expected to be filled in early 2011.

Art Certosimo, presiding director of the DTCC's Board of Directors says: "Adding this important new leadership role builds upon DTCC's already strong corporate governance culture and provides a critical complement to Don Donahue - who continues as CEO - and his leadership team at a time when the financial world is undergoing unprecedented change."


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