Unit:
Speciality Financial RegulationLibrary of the School of Law
Author:
Chatzikonstantinou Eleni
Supervisors info:
Χρήστος Γκόρτσος
Κωνσταντίνος Γιαννακόπουλος
Βασίλειος Κονδύλης
Original Title:
The suitability criteria of the members of the Board of Directors in Greek Credit Institutions
Translated title:
The suitability criteria of the members of the Board of Directors in Greek Credit Institutions
Summary:
The 2007-2008 financial crisis has been described as the most serious crisis with important effects in the real economy, posing challenges for economists, regulators and policymakers. More specifically such financial crisis highlighted a number of weaknesses in the banking sector and in particular in the field of corporate governance, which was considered as one of the main causes of the economic crisis. The emergence of weaknesses of corporate governance system in a number of credit institutions had as consequence to excessive and reckless risk-taking in the banking sector, which inevitably led to credit institutions in bankruptcy and systemic problems in the credit institutions of the Member States as well as in the credit institutions globally. In some cases, the lack of effective controls and balancing powers within institutions led to the absence of effective oversight in decision-making process, which encouraged the board of directors of credit institutions for short-term management strategies profit and excessively risky. Moreover the insufficient role of competent authorities regarding the supervision of corporate governance systems of credit institutions did not allow adequate control over the effectiveness of internal governance processes. Taking into consideration the above circumstances, European legislator focused his attention in the creation of a single legislative framework, in order to strengthen the board of director of the credit institutions. In the framework of the above described legislative revolution in the field of the corporate governance, the present paper aims to present analytically the legislative framework for the selection of the members of the board of directors of Greek credit institutions both significant and less significant taken into account that the competent authorities for significant and less significant and cooperative credit institutions are different, i.e the European Central Bank and Bank of Greece accordingly, to display some of the most intriguing points regarding the criteria for the suitability of the members of the credit institutions’ board of directors and to try write down some crucial thoughts about the application of the legislative and regulatory framework in the credit institutions.More analytically the first chapter presents the evolution of the legislative and regulatory framework of corporate governance at European and national level, the second chapter is focused on the criteria applied for the selection of the members of the credit institutions’ board of directors and the third chapter concerns some thoughts of the author regarding the existing legislative and regulatory framework in the field of corporate governance.
Main subject category:
Law and Legislation
Other subject categories:
Public Law
Keywords:
suitability criteria of the members of the Board of Directors, credit institutions
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