Staffing bank boards prov­ing a tough task

Kathimerini English - - Front Page - YIANNIS PAPADOYIANNIS

Find­ing new mem­bers to staff the gov­ern­ing boards of banks, to re­place of those who re­ceived a neg­a­tive as­sess­ment based on a re­cently in­tro­duced law, is prov­ing quite dif­fi­cult, given the con­di­tions can­di­dates must ful­fill.

The is­sue has raised some con­cern over the law’s cri­te­ria, with some crit­i­ciz­ing the Hel­lenic Fi­nan­cial Sta­bil­ity Fund (HFSF) of be­ing too strict in its in­ter­pre­ta­tion of the law’s reg­u­la­tions.

How­ever, bank sources point out that be­fore the HFSF as­sessed the bank boards it had con­sulted the coun­try’s cred­i­tors, and no ob- jec­tions had arisen at that time.

Given the dif­fi­culty there is in find­ing suit­able can­di­dates for the posts, there have been some thoughts in fa­vor of re­lax­ing the se­lec­tion cri­te­ria, even though in the past the cred­i­tors had re­jected a sim­i­lar ef­fort by the govern­ment be­cause it was seen as aim­ing at re­tain­ing the old board mem­bers.

Na­tional and Pi­raeus are al­ready en­gaged in the process of re­plac­ing their gov­er­nors, Louka Kat­seli and Michalis Sal­las re­spec­tively. The Al­pha and Eurobank boards were seen to have per­formed rel­a­tively well in the as­sess­ment after hav­ing al­ready re­newed their boards and up­graded their cor­po­rate gov­er­nance in­sti­tu­tions.

Ac­cord­ing to the re­vised ver­sion of the bailout agree­ment, all changes to bank boards must be fi­nal­ized by end-Septem­ber, while Au­gust 25 is the dead­line for the ex­pres­sion of in­ter­est in the po­si­tion of the new chief ex­ec­u­tive of the HFSF. No­tably, the nec­es­sary qual­i­fi­ca­tions for the po­si­tion in­clude “per­fect knowl­edge of the English lan­guage,” while “flu­ency in Greek will be con­sid­ered a very sig­nif­i­cant ad­di­tional skill.”

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