BoE’s Bailey stresses need for true understanding on boards
Executives should be responsible for explaining complex matters in simple terms, deputy says
Board executives at banks, insurers and investment firms should be able to explain complex matters in "simple and transparent terms" to non-executives, allowing them to function effectively, the Bank of England's Andrew Bailey said today (November 3).
"In doing so, you should understand the uncertainty around judgements, in what circumstances they could be wrong, and how there can reasonably be different ways to measure things like liquidity," Bailey, a deputy governor, told the Westminster
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