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Bank Boards and Supervisory Expectations

Recording of the online debate held on 3 December 2020. Speaker: Elizabeth McCaul (Supervisory Board member, ECB) Commentator: Lorenzo Bini Smaghi (Chairman, Société Générale) -------- Board members have significant responsibilities in their role. Their ability to challenge effectively and constructively the management is essential. Ensuring sound governance is at the core of banking supervision priorities, although it may be an overlooked feature of post-financial crisis regulatory and supervisory reforms. Bank supervisors constantly scrutinize and assess the adequacy and effectiveness of checks and balances in banks’ internal governance. The latter is a crucial element of the Supervisory Review and Evaluation Process – SREP in ECB Banking Supervision – that covers the board functioning. Recently, the oversight of bank boards on strategic decisions has been deemed insufficient in some risk areas, such as credit risk, capital planning, and conduct risks (exacerbated in the current pandemic crisis) according to recent ECB’s publication. In this context, this online debate: Identified current supervisory expectations towards bank boards in ensuring banks’ good governance and resilience, and explore targeted SSM supervisory measures and SREP requirements to strengthen corporate governance; Reflected on the bank boards’ involvement in challenging the bank’s executives; Discussed the segregation of bank board oversight and management; Considered the implications of COVID-19 on supervisory expectations and bank boards. More information: https://fbf.eui.eu/event/online-semin... The views and opinions expressed in this video are those of the speakers or authors in their personal capacity and do not necessarily reflect the official position of the Robert Schuman Centre or the European University Institute. *