A new edition of the PROA Communication Observatory was held on 15 April.
On this occasion, the Observatory's guest speaker was Pablo Fernández, Professor of Financial Management at IESE, who gave a lecture on ACCOUNTING CREATIVITY, LACK OF OVERSIGHT AND FINANCIAL CRISIS (lies and lack of reasonableness).
Fernández has reviewed some of the hot spots of the financial crisis that emerged in 2007 and which have brought to light serious problems such as the bankruptcy of the savings banks and their impact on the pockets of the State, shareholders and savers, the exorbitant accumulation of public debt or the abuse of the so-called "revolving doors", i.e. the transfer to certain private companies of civil servants or politicians with a previous activity related to the sectors to which they belong. Likewise, this internationally renowned expert in company valuation analysed aspects of the financial reality such as the low historical profitability of pension plans in our country and criticised others such as the lack of preparation of certain judges and lawyers in the commercial field or the lack of rigour in their declarations by many executives belonging to regulatory and supervisory bodies. Fernández called for a regeneration of financial practices and of the institutions whose function it is to oversee their correct development.
ABOUT THE PROA OBSERVATORIES - meetings for a maximum of 20 people in which a topical issue is addressed by an expert in the field. Among the personalities who have taken part in these meetings are Manuel Conthe, Chairman of the Advisory Board of Expansión and Actualidad Económica, who reflected on good and bad banking practices. The economist José Carlos Díez, who analysed the economic situation. The Minister of Education, Culture and Sport, José Ignacio Wert, who explained the key aspects of the educational reform, the former minister Jordi Sevilla and the writer, priest and meditation expert Pablo D'Ors.