Banks should cultivate a cadre of experienced former executives who can serve as non-executive directors while taking a closer interest in risk management than most boards are able to, an in-depth study of the corporate governance of European banks has recommended.
The report by Nestor Advisers, the corporate governance consultancy, argues that bank boards will in future need non-executive directors with more banking experience spending more time on their duties than many board members are currently willing to commit.
The recommendation comes amid a growing debate about the structure and composition of banks’ boards of directors in the wake of the credit crunch.
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