Stavros Thomadakis
Encyclopedia
Stavros Thomadakis is a Greek economist who served as chairman of the Hellenic Capital Market Commission
, Professor of Finance at the University of Athens and chairman of the Public Interest Oversight Board
.
, Greece
.
He was educated at Yale University
, obtaining a B.A. in Economics, and at Massachusetts Institute of Technology
, where he obtained an M.Sc. and Ph.D in Financial Economics.
For many years he held professorships at Baruch College
, City University of New York
and the MIT Sloan School of Management
.
He became professor of financial economics at the University of Athens.
He was married to Dr. Angeliki Laiou
, a Harvard professor who was a scholar of Byzantine empire
, and the second woman to be named a permanent member of the Academy of Athens
since the organization was founded in 1926.
They were later divorced.
and of the Commercial Bank of Greece. He served as a member of the Greek Council of Economic Advisers,
Economic Counselor of the Hellenic Banks Association and Chairman of the Greek Center of Planning and Economic Research.
He was chairman of the Capital Market Commission of Greece from 1996 to 2004.
He was chairman of the Expert Group on Market Abuse of the Committee of European Securities Regulators
(CESR), and was also chairman of the European Regional Committee of IOSCO
for four years.
The Public Interest Oversight Board (PIOB) was established after a series of corporate scandals, including the collapse of Enron
and WorldCom in the United States
and of Parmalat
in Europe, led to demand for a independent body to oversee auditors and to ensure that audit standards are in the public interest.
The board was formally established on 28 February 2005, and Thomadakis was appointed its first chairman.
Speaking at the launch of the PIOB, Thomadakis said: "The creation of the PIOB is a landmark in the cooperation of world regulatory organizations for the oversight of international standard-setting for auditors. The project of the PIOB is ambitious and represents a novelty for world-level public oversight. Success for the PIOB will mean quality, stability, and integrity in companies and world markets".
Hellenic Capital Market Commission
The Hellenic Republic Capital Market Commission is one of two regulatory bodies for the financial industry in Greece, the other being the Bank of Greece....
, Professor of Finance at the University of Athens and chairman of the Public Interest Oversight Board
Public Interest Oversight Board
The Public Interest Oversight Board is an international body that oversees the International Federation of Accountants and seeks to improve the quality and public interest focus of the IFAC standards in the areas of audit, education, and ethics....
.
Academic career
Thomadakis was born in AthensAthens
Athens , is the capital and largest city of Greece. Athens dominates the Attica region and is one of the world's oldest cities, as its recorded history spans around 3,400 years. Classical Athens was a powerful city-state...
, Greece
Greece
Greece , officially the Hellenic Republic , and historically Hellas or the Republic of Greece in English, is a country in southeastern Europe....
.
He was educated at Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
, obtaining a B.A. in Economics, and at Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
, where he obtained an M.Sc. and Ph.D in Financial Economics.
For many years he held professorships at Baruch College
Baruch College
Bernard M. Baruch College, more commonly known as Baruch College, is a constituent college of the City University of New York, located in the Flatiron district of Manhattan, New York City. With an acceptance rate of just 23%, Baruch is among the most competitive and diverse colleges in the nation...
, City University of New York
City University of New York
The City University of New York is the public university system of New York City, with its administrative offices in Yorkville in Manhattan. It is the largest urban university in the United States, consisting of 23 institutions: 11 senior colleges, six community colleges, the William E...
and the MIT Sloan School of Management
MIT Sloan School of Management
The MIT Sloan School of Management is the business school of the Massachusetts Institute of Technology, in Cambridge, Massachusetts....
.
He became professor of financial economics at the University of Athens.
He was married to Dr. Angeliki Laiou
Angeliki Laiou
- Life :Laiou was born in Athens on 6 April 1941 to a Pontic family, refugees from the Black Sea coast of modern Turkey. She studied at the Athens College and continued her studies in the Philosophy School of the University of Athens , where she studied under the Greek Byzantinist Dionysios...
, a Harvard professor who was a scholar of Byzantine empire
Byzantine Empire
The Byzantine Empire was the Eastern Roman Empire during the periods of Late Antiquity and the Middle Ages, centred on the capital of Constantinople. Known simply as the Roman Empire or Romania to its inhabitants and neighbours, the Empire was the direct continuation of the Ancient Roman State...
, and the second woman to be named a permanent member of the Academy of Athens
Academy of Athens (modern)
The Academy of Athens is Greece's national academy, and the highest research establishment in the country. It was established in 1926, and operates under the supervision of the Ministry of Education...
since the organization was founded in 1926.
They were later divorced.
Public positions
Stavros Thomadakis served as a member of the Monetary Committee of the European Community and a Director of the European Investment BankEuropean Investment Bank
The European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome. A policy-driven bank, the EIB supports the EU’s priority objectives, especially European integration and the development of economically weak regions...
and of the Commercial Bank of Greece. He served as a member of the Greek Council of Economic Advisers,
Economic Counselor of the Hellenic Banks Association and Chairman of the Greek Center of Planning and Economic Research.
He was chairman of the Capital Market Commission of Greece from 1996 to 2004.
He was chairman of the Expert Group on Market Abuse of the Committee of European Securities Regulators
Committee of European Securities Regulators
The Committee of European Securities Regulators was an independent committee of European Securities regulators established by European Commission on June 6 of 2001...
(CESR), and was also chairman of the European Regional Committee of IOSCO
Iosco
-Places:* Iosco County, Michigan* Iosco Township, Michigan* Iosco Township, Minnesota...
for four years.
The Public Interest Oversight Board (PIOB) was established after a series of corporate scandals, including the collapse of Enron
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
and WorldCom in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and of Parmalat
Parmalat
Parmalat SpA is a multinational Italian dairy and food corporation. Having become the leading global company in the production of ultra high temperature milk, the company collapsed in 2003 with a €14 billion hole in its accounts in what remains Europe's biggest bankruptcy...
in Europe, led to demand for a independent body to oversee auditors and to ensure that audit standards are in the public interest.
The board was formally established on 28 February 2005, and Thomadakis was appointed its first chairman.
Speaking at the launch of the PIOB, Thomadakis said: "The creation of the PIOB is a landmark in the cooperation of world regulatory organizations for the oversight of international standard-setting for auditors. The project of the PIOB is ambitious and represents a novelty for world-level public oversight. Success for the PIOB will mean quality, stability, and integrity in companies and world markets".