What Wirecard teaches us about financial governance
In a scandal which many have dubbed the ‘Enron of Germany’, the evolving downfall of fintech Wirecard has put a spotlight on those who should have held it to account and also the role of corporate governance and the need for it to encompass the interests of all stakeholders – such as employees and customers – and not just shareholders.
Wirecard’s exposed wrongdoing which led to its insolvency filing, with a reported €3.5 billion owed to creditors, represented a financial scandal of magnitude not witnessed since the 2008 financial crisis. Thrusting corporate governance, and issues of trust in financial institutions to the forefront once more. At a time when financial institutions – both traditional and Fintech – are working overtime to try to build trust among consumers, blows like this can leave the industry as a whole on the backfoot and in need to reassure customers of their processes and protocols.
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