Financial crisis

‘The financial crisis can be to an important extent attributed to failures and weaknesses in corporate governance arrangements. When they were put to a test, corporate governance routines did not serve their purpose to safeguard against excessive risk taking…’ . Grant Kirkpatrick, ‘The Corporate Governance Lessons from the Financial Crisis’ (2009) OECD 2
https://www.oecd.org/finance/financial-markets/42229620.pdf
Critically discuss this statement.