Last week, the European Central Bank (ECB) held a stakeholder meeting to discuss its consultative "Guide on governance and risk culture." In his address to that meeting, Frank Elderson, a Member of the ECB's Executive Board, emphasized that, despite the progress made over the first decade of European banking supervision, persistent weaknesses in governance remain.
These weaknesses have both structural and behavioral root causes, such as limited diversity and ineffective oversight, and need to be addressed. Elderson explained that the new ECB Guide, based on ten years of supervisory experience, outlines expectations and best practices for governance and risk culture. Importantly, the Guide focuses not only on "tangible" governance elements, like management body composition, but also on "qualitative" aspects, like leadership, communication, and accountability.
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