Your team You are part of the Compliance and Governance Department of the Secretariat Branch. Our 20-person unit supports the Executive Board and the Chief Compliance and Governance Officer in protecting the integrity and reputation of the ECB. To this end, we promote ethical standards of conduct within the institution and measures to strengthen its accountability and transparency. We encourage you to apply regardless of age, disability, ethnicity, sex, gender identity, race, religious beliefs, sexual orientation or other characteristics. They pursue team goals and willingly learn from each other`s different points of view. You signal the need for change by explaining it and proposing alternative solutions. They effectively analyze complex information and can evaluate different perspectives to arrive at solutions. They know and anticipate the needs of stakeholders. They are motivated to contribute to the ECB`s mission to serve EU citizens as part of a public institution and to collaborate with colleagues from across Europe. You are motivated to be part of our team and to develop and use your skills and competencies to achieve the objectives of this position.

We then examine the effects of firms` lack of transparency according to their characteristics, following Karpoff et al. (2013). Effective external monitoring of a firm is strongly influenced by the transparency of a company`s information environment (Adams and Ferreira, 2007). The effectiveness of external directors is also positively associated with a transparent environment (Duchin et al., 2010). However, managers are encouraged to disclose less information, and when this information is disclosed, it is opportunistic (Aboody & Kasznik, 2008). Managers of an opaque firm are less likely to be supervised by the principal and more likely to earn rents, thereby expropriating external shareholders (Anderson et al., 2009). Managers may view OCOL as a barrier to their ability to continue extracting leases undetected. This may be particularly the case when litigation is threatened, as threats to shareholder value can affect the nature and extent of the forward-looking information disclosed (Trueman, 1997). Corporate counsel with associated oversight and disclosure obligations may be seen as a barrier to maintaining non-transparent corporate governance. The remuneration of the OCOL can therefore be influenced by the transparency of the company`s information environment.

As the importance of corporate governance requirements in law and practice continues to grow and mature, so does the role and responsibility of supporting board governance.