Annual Report 2012–2013 Group of Thirty 30 Group of Thirty, Washington, D.C. Copies of this paper are available from: Group of Thirty 1726 M Street, N.W., Suite 200 Washington, D.C. 20036 Tel.: (202) 331-2472 E-mail: [email protected] Web: www.group30.org The Group of Thirty Annual Report 2012–2013 Published by Group of Thirty© Washington, D.C. 2014 Table of Contents Chairman’s Message .................................................................................5 I. Introduction ..........................................................................................7 II. The Group of Thirty Membership........................................................9 Membership ...................................................................................... 11 Structure ........................................................................................... 15 III. The Work of the Group of Thirty during FY 2012 and FY 2013 ...... 17 International Banking Seminars ..................................................... 17 Plenary Sessions ............................................................................... 18 Study Group Activities ..................................................................... 18 Publications ......................................................................................20 I V. Finances of the Group of Thirty .......................................................23 Support and Revenue .......................................................................23 Expenditure ......................................................................................24 Notes to Financial Statements .......................................................... 33 Annex 1. Past Membership of the Group of Thirty ..............................38 Annex 2. Schedule of Meetings and Seminars: ....................................39 Annex 3. International Banking Seminars ...........................................43 Annex 4. Plenary Meetings, FY 2012 and FY 2013 ..............................45 Annex 5. Corporate Governance Working Group ................................49 Annex 6. Long-term Finance Working Group ......................................50 Annex 7. Banking Supervision Working Group .................................. 51 Annex 8. Group of Thirty Publications, 1990–June 30, 2013 ..............52 Annex 9. Contributors to the Group of Thirty, FY 2012–FY 2013 ........58 Chairman’s Message Dear friends, Let me begin by thanking those of you who support the mission of the Group of Thirty (G30). Thirty-six years after our formation in 1978, we continue our work to deepen understanding of international economic and financial issues, to explore the international repercussions of decisions taken in the public and private sectors, and to examine the choices available to market practitioners and policy makers. Thanks to your institutional, intellectual, and personal commitment to our mission, the last two years have been productive and impactful. In 2012, the G30 applied its collective might to the problem of long- term finance, culminating in our study,Long-Term Finance and Economic Growth, released in early 2013. As is our practice, we recommended a series of actions to help plug a forecasted US$7.1 trillion gap in long- term finance by 2020, because we recognize that a reasonably priced supply of long-term finance is essential to underpin economic stability, sustainable growth, and employment. I am pleased to report that this work stream has had an ongoing impact influencing the agenda and output of the G20, the Financial Stability Board, and other institutions and actors. Once again the G30 has addressed a major issue, stood as a bridge between the public and private sectors, and delivered recom- mendations to the community that are considered, workable, and potentially durable. In 2012 and 2013, the G30 tackled thorny issues surrounding the governance of global systemically important financial institutions (G-SIFIs) in Toward Effective Governance of Financial Institutions. That work drew upon the views of scores of leaders within the financial commu- nity. Thanks to your collective commitment and engagement, we have directly affected the debate over governance, supervision, and culture. This work stream continues in 2014, urged on by the official supervisory and private sector financial community. It encapsulates why the G30 is so effective: We identify crucial issues of importance to the global 5 economic and financial community, and address them in a manner that draws on diverse viewpoints, while being beneficial to all concerned. In addition, you can rest assured that the G30 will continue to provide forums for the frank exchange of views between leaders of the financial and central banking community. It is indeed a pleasure to welcome you to those events, and to witness the numbers attending our seminars increase, year after year. Finally, let me most wholeheartedly thank the growing number of institutions, both public and private, that choose to support our mission. Without that backing, the G30 could not be effective, and we would not achieve our goals. Thank you all. With your constant commitment, the G30 can continue to build its influential voice and impact the global policy-making debate in 2014 and beyond. With warmest personal regards, Jean-Claude Trichet Chairman and CEO 6 I. Introduction This report covers the programs and activities of the Group of Thirty (G30) during fiscal years 2012 and 2013, which comprises July 1, 2011 through June 30, 2013. Section II of the report discusses the G30’s membership and activities, and includes a full membership list and a description of the organiza- tional structure. Section III provides an account of the G30’s work during FY 2012 and FY 2013 and includes a description of the G30’s meetings, public events, and publications. Section IV describes the financial position of the G30 during the two fiscal years covered by the report. The annexes provide details on a variety of activities and aspects of the G30, including membership; meetings and seminars; composition of our Working Groups; publications; and contributors to the work program of the G30, whose support makes our work possible. All inquiries regarding this report, G30 activities, or its publications should be made to: The Group of Thirty 1726 M Street, N.W., Suite 200 Washington, D.C. 20036 Tel: 202-331-2472 Fax: 202-785-9423 E-mail: [email protected] Web: http://www.group30.org 7 II. The Group of Thirty Membership The Group of Thirty, established in 1978, is a private, nonprofit, inter- national body composed of very senior representatives of the private and public sectors and academia. Its aim is to deepen understanding of international economic and financial issues, to explore the international repercussions of decisions taken in the public and private sectors, and to examine the choices available to market practitioners and policy makers. A defining feature of the G30 is that the senior individuals who form its membership also serve as its principal workforce. Whereas many organizations devoted to scholarly and public policy studies have senior boards that offer guidance and add gravitas to their work, the G30’s members themselves make the presentations at plenary meetings and seminars, and serve actively on study groups. In fact, active involvement in the program is a condition of membership in the Group of Thirty. To ensure that the G30 has access to the widest range of expertise and informed opinion, senior public officials and private executives are regularly invited to meetings and recruited to participate in the G30’s projects. The pro bono service of members and invitees is the G30’s principal resource. The work program is managed by a small staff based in Washington, D.C. that provides policy guidance and admin- istrative support for the meetings and projects that the membership decides to pursue. Despite its small size, the organization has global reach and con- siderable impact. In 2013, the Group published a report on long-term finance, which has now been reflected in policy outputs from the G20, 9 the Financial Stability Board, and ad-hoc committees, such as the Martin Commission. As the Financial Times notes, “Group of Thirty is the slim- mest of organizations, but punches well above its weight.” The Times of London recognizes that the Group of Thirty is “highly influential.” Under a heavyweight Board of Trustees, the Group of Thirty continues to grapple with some of the most intractable issues facing the interna- tional banking and financial communities. 10 Membership* At the end of FY 2013, the membership of the Group was: Paul A. Volcker Chairman Emeritus, Group of Thirty Former Chairman, President Barack Obama’s Economic Recovery Advisory Board Former Chairman, Board of Governors of the Federal Reserve System Jacob A. Frenkel Chairman of the Board of Trustees, Group of Thirty Chairman, JPMorgan Chase International Former Governor, Bank of Israel Former Professor of Economics, University of Chicago Former Counselor, Director of Research, International Monetary Fund Jean-Claude Trichet Chairman & CEO, Group of Thirty Former President, European Central Bank Former Governor, Banque de France Geoffrey L. Bell Executive Secretary & Treasurer, Group of Thirty President, Geoffrey Bell & Company, Inc. Leszek Balcerowicz Professor, Warsaw School of Economics Former President, National Bank of Poland Former Deputy Prime Minister and Minister of Finance, Poland Mark Carney Chairman,