ECB sets out standards for bank board members

The European Central Bank (ECB) has published new guidelines on the fitness of prospective board members for larger European financial institutions.

Since November 2014 the ECB has been “been responsible for taking decisions on the appointment of all members of the management bodies of the significant credit institutions that fall under its direct supervision”, it noted. The new guideline document was not, however, “a legally binding document and cannot in any way substitute the relevant legal