Mary Schapiro, former chairwoman of the Securities and Exchange Commission, has joined Promontory Financial Group as a managing director and chairwoman of its governance and markets practice.
The consulting firm, founded by former Comptroller of the Currency Eugene Ludwig, also includes among its advisory board another former SEC chairman, Arthur Levitt, and bills itself as a strategy, risk management, regulatory and compliance consulting firm that serves clients worldwide, including many of the largest banks and other financial services companies.
“Mary is an outstanding advocate for investors and was a strong and decisive regulator during one of the most volatile periods in our financial history,” said Ludwig, in a Tuesday statement. “Her profound understanding of the U.S. and global financial markets, decades of regulatory leadership, and deeply relevant perspective and insight will add to our already significant involvement in capital markets, hedge fund and private equity advisory and compliance services. We are thrilled that Mary has chosen to join us at Promontory.”
Schapiro, who was SEC chairwoman from 2009 until December, said in the same statement that “the risk environment for firms in today’s global markets is increasingly complex. Managing those risks while balancing the interests of the many constituencies of a modern corporation challenges practices of corporate governance, regulatory policy and market behavior.”
Schapiro went on to say that “while regulators are charged with policymaking in these areas, the private sector—especially investors—has the largest stake. At Promontory, I join a team of highly experienced professionals who work with clients to meet regulatory and investor expectations while advancing the evolving norms for corporate governance and regulatory compliance. This is important not only to companies, but also to our markets and to global prosperity. I look forward to working with my new colleagues and with our clients.”
In her practice at Promontory's Washington office, Schapiro will “work with clients to ensure that the quality of corporate governance is commensurate with the demands of running modern public companies.” Promontory says she will also advise clients on risk management, drawing on insights and understanding gleaned from her deep regulatory experience as well as on her service on boards of directors of major American corporations.