Corporate Governance for Banks in Southeast Europe: Policy - IFC

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Paul Rex, Director, GBRW Limited, UK Esra Suel, Research Assistant, University of Istanbul Andrzej Witak, Consultant, UK Peter Werner, Senior Director, International Swaps and Derivatives Association Roman Chapaev, Foreign Qualified Lawyer, DLA Piper UK LLP Carsten Gerner-Beurle, Lecturer, London School of Economics and Political Science Victoria Miles, Emerging Market Director, J.P. Morgan Catherine Lawton, Director, EMEA Corporate Governance Consulting, Nestor Advisors Mary Ellen Collins, Independent Financial Consultant, Blue Ridge Lane Financial Services, USA INTERNATIONAL ORGANIZATIONS EBRD Nick Tesseyman, Managing Director Financial Institutions, EBRD Kiyoshi Nishimura, Acting Director Western Balkans, Financial Institutions, EBRD Michel Nussbaumer, Chief Counsel, EBRD Elena Urumovska, Head of EBRD Office in Skopje Huw Williams, Senior Banker – Corporate Equity, EBRD Predrag Radlovacki, Principal Banker, EBRD Damir Cosic, Associate Banker, EBRD Office in Sarajevo Josip Vukovic, Principal Banker, EBRD Office, Zagreb Milos Grkinic, Senior Analyst, EBRD, Podgorica Veronica Bradautanu, Consultant, EBRD IFC Philip Armstrong, Head, IFC Global Corporate Governance Forum Oliver Orton, Regional Project Manager - Corporate Governance, IFC Advisory Services, Southeast Europe Merima Zupcevic Buzadzic, Operations Officer, IFC Advisory Services Southern Europe Kiril Nejkov, Associate Operations Officer, IFC Advisory Services Southern Europe OECD Hans Christiansen, Senior Economist Corporate Affairs, OECD World Bank Laura Ard, Lead Financial Sector Specialist, World Bank Charles McDonough, Vice President - Controller, World Bank John Hegarty, Advisor on Financial Reporting and Regulation to the Chief Financial Officer and the Vice President/Controller, World Bank Note: This list includes participants in Southeast Europe High Level Policy Meetings on Corporate Governance of Banks held in Belgrade in 2009 and London in 2011. Please note that some of the representatives, who contributed to the preparation of the Policy Brief in the positions listed above, may no longer hold the same positions. Opinions expressed by task force members, international experts and other participants to the Belgrade and London meetings were those of participants only and do not necessarily represent the views of the institutions where they were or are currently working. 62 Policy Brief Corporate Governance for Banks in Southeast Europe
B. Important sources of guidance on bank governance Basel Committee on Banking Supervision Compensation Principles and Standards Assessment Methodology (2010): www.bis.org/publ/bcbs166.pdf. Enhancing Bank Transparency (1998). www.bis.org/publ/bcbs41.pdf. Enhancing Corporate Governance for Banking Organizations (2006): www.bis.org/publ/bcbs122.pdf. Principles for Enhancing Corporate Governance (2010): www.bis.org/publ/bcbs168.pdf. EBRD EBRD-OECD Policy Brief on Corporate Governance of Banks in Eurasia: http://www.ebrd.com/pages/sector/legal/corporate/eurasia.shtml EU Capital Requirements and Bonuses Package (CRD3): http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2010:329:0003:0035:EN:PDF. IFC/World Bank Governing Banks, a supplement to the Corporate Governance Board Leadership Training Resources, IFC Global Corporate Governance Forum (2010): http://www.gcgf.org/ifcext/cgf.nsf/Content/Governing_Banks. Guidance for the Directors of Banks, Focus 2, Jonathan Charkham, CBE, former advisor to the governor of the Bank of England (2003): http://www.gcgf.org/ifcext/cgf.nsf/AttachmentsByTitle/Focus_2_Guidance_ for_Directors/$FILE/Focus_2_Guidance_for_Directors_of_Banks.pdf. IFC Corporate Governance Progression Matrix—Financial Institutions (2007): http://www.ifc.org/ifcext/ corporategovernance.nsf/AttachmentsByTitle/CG_Matrix_Fin_Inst_Oct07/$FILE/Matrix_Fin_Inst_Oct2007.pdf. Corporate Governance Screening Tool for Banking Organizations, IFC Advisory Services in Europe and Central Asia (2010): http://www.ifc.org/ifcext/acgp.nsf/AttachmentsByTitle/CG_Screening_tool/$FILE/ Banking+Screening+Tool.pdf. Corporate Governance Guidelines for UAE Bank Directors, IFC and Association of Banks in Lebanon (2006): www.ifc.org/ifcext/corporategovernance.nsf. Guidance for Supervisory Board Members of Banks, IFC Ukraine (2006): http://www.gcgf.org/ifcext/ cgf.nsf/AttachmentsByTitle/Ukraine_Eng_Guidance_Supervisory_Board_+Members_of_+Banks/$FILE/ Charkham+Manual+Final_Eng.pdf. Analyzing Banking Risk, A Framework for Assessing Corporate Governance and Risk Management (2009): http://imagebank.worldbank.org/servlet/WDSContentServer/IW3P/IB/2009/04/22/000334955_200904220 84743/Rendered/PDF/482380PUB0Anal101OFFICIAL0USE0ONLY1.pdf. Bank Governance, Lessons from the Financial Crisis, The World Bank (2010): http://siteresources.worldbank. org/EXTFINANCIALSECTOR/Resources/Note13_Bank_Governance.pdf. OECD Guidelines for the Governance of State-owned Enterprises (2005): http://www.oecd.org/document/33/0,3 746,en_2649_34847_34046561_1_1_1_1,00.html. Policy Brief on Corporate Governance of Banks in Asia: www.oecd.org/dataoecd/48/55/37180641.pdf. Corporate Governance for Banks in Southeast Europe Policy Brief 63
Page 1 and 2:
Corporate Governance for Banks in S
Page 3 and 4:
Contents I. Introduction...........
Page 5 and 6:
I. Introduction The stability of gl
Page 7 and 8:
II. Overview of bank corporate gove
Page 9 and 10:
framework for coordinating crisis m
Page 11 and 12: III. Sound corporate governance pri
Page 13 and 14: The duty of care requires that boar
Page 15 and 16: A3. Training 20 Finding board talen
Page 17 and 18: Tests for integrity are needed. How
Page 19 and 20: Background Box 1: Legal Requirement
Page 21 and 22: Capacity issues Finally, competent
Page 23 and 24: A5. Role of the chair 29 The chair
Page 25 and 26: Among committees, the audit committ
Page 27 and 28: Background Box 2: Board Committees
Page 29 and 30: Briefing of the board: Audit commit
Page 31 and 32: Bulgaria The Bulgarian banking sect
Page 33 and 34: Recommendation: Evaluations: Banks
Page 35 and 36: Effective systems of risk managemen
Page 37 and 38: strategy. When the executive body o
Page 39 and 40: circumstances, these findings shoul
Page 41 and 42: A significant concern is the large
Page 43 and 44: D. Disclosure and transparency 60 D
Page 45 and 46: Supervisors also expressed skeptici
Page 47 and 48: Background Box 5: Disclosure Requir
Page 49 and 50: Recommendations: Disclosure and tra
Page 51 and 52: These limitations are due to the ve
Page 53 and 54: examinations permit a systematic ev
Page 55 and 56: Recommendation: Remedial action: Su
Page 57 and 58: VI. Additional issues A. State owne
Page 59 and 60: VII. Annexes A. Southeast Europe Po
Page 61: INTERNATIONAL EXPERTS Peter Dey, Ch
Page 65 and 66: C. Synopsis: BCBS Enhancing corpora
Page 67 and 68: Complex or opaque corporate structu
Page 69 and 70: oard. The supervisory board is resp
Page 71 and 72: Bulgaria 19.1% Others 16.3% Unicred
Page 73 and 74: Romania 19% BCR (Erste) 13.1% BRD (
Page 75: For information requests and genera
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