1. Evaluating the Performance and Accountability of Regulators
Berle V
Capital Markets, the Corporation and the Asian Century:
Governance, Accountability and the Future of Corporate Law
May 2013, CLMR, Sydney

3. Trust in Regulation

4. Which Problems with Regulation?
Feedback
(information gathering)
Correction
(behaviour modification)
Norms
(standard-setting)
Rule making
Implementation

5. Is Accountability an Answer?

6. Performance Evaluation
National
Governments
Performance Evaluation
Supranational
Private
Oversight

7. How to Account for Performance?
Feedback
(information gathering)
Correction
(behaviour modification)
Norms
(standard-setting)
Better Regulation
Network Governance
Learning
Outcomes
Performance
Indicators
Regulatory Audit

8. Single indicator of regulatory performance?
Cost-effectiveness ratios
Benefit-cost ratios
Net benefits
Return on investment
(Coglianese, OECD 2012)

9. Private Performance Tools
ISEAL Credibility Principles Relating to Performance:
Effectiveness; Relevance; Rigour; Accuracy; Impartiality; Coordination; Operational Efficiency
ISEAL Impacts Code Requires:
establishment of monitoring and evaluation programme
defining of the intended change
establishment of appropriate indicators
data collection and evaluation
evaluation reports
learning and improvement

10. Why Account for Performance?

11. ‘commitment to providing publics with a diversity of viewpoints and
high levels of information about
the exercise of power’
Linked to ‘enforcement’ and ‘voice’
(John Keane)

12. Concluding Thoughts Which outcomes-based PIs for financial regulation?
Public and private regulators
Who will monitor? How they use transparency?
How much monitory democracy is enough ?
credibility
cost
How to promote learning?