INDEPENDENT DIRECTORS ON BOARDS OF DIRECTORS/SUPERVISORY BOARDS OF CREDIT INSTITUTIONS - A KEY PREMISE FOR EFFECTIVE CORPORATE GOVERNANCE
INDEPENDENT DIRECTORS ON BOARDS OF DIRECTORS/SUPERVISORY BOARDS OF CREDIT INSTITUTIONS - A KEY PREMISE FOR EFFECTIVE CORPORATE GOVERNANCE

Summary/Abstract: The financial crisis of 2007-2008 proved the need to improve and adjust the regulatory framework on corporate governance in relation to the new economic challenges and realities, thus contributing to a better resilience of the financial-banking system in anticipation of potential adverse economic situations. Under pressure from the effects of the financial crisis and in the context of Basel III Accord, the European lawmaker adopted a new legislative package known as CRD IV/CRR1 aimed at transposing new standards into the banking system within the European community, with corporate governance being one of the important chapters. This article addresses relevant aspects of corporate governance of credit institutions, taking into consideration the applicable regulatory framework and international good practices, presenting the role and importance of independent directors in the good functioning of the management body in its supervisory function.

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