Assessing board member skills: a simpler approach
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Supervision Newsletter: the ECB groups the 16 competences in the joint EBA/ESMA guidelines into four key capabilities for assessing board members: communication, continuous learning, judgement and willingness to challenge.
Key points
- It does not replace the legal framework; it is a practical way of applying it and simplifying fit and proper assessments
- Based on experience from assessments since 2014 and on lessons from recent bank failures
Who is affected
Supervised banks (board appointments)
Plain-language version
The ECB, the euro area's central bank that supervises the big banks, is simplifying how it vets bank board members. It groups 16 skills into four key ones: communicating well, continuing to learn, sound judgement and being willing to challenge others. The lesson from recent bank failures is that banks need leaders who can stop bad decisions.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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