Basel Committee demands more rigorous governance standards

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The Basel Committee on Banking Supervision on Monday released new guidelines to fill gaps in governance standards highlighted by the crisis.

The Principles for enhancing corporate governance outlined six key areas where the committee believed deficiencies in standards persisted: the role of the board; the qualifications and composition of the board; the importance of an independent risk management function, including a chief risk officer or equivalent; the importance of monitoring risks on an on

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