The recent resignation of the chairman of the Supervisory Board of one of the biggest Austrian banks, brings to mind the Fit & Proper of the Austrian Financial Supervisory Authority requirements published on 30.08.2018. Based on the new guidelines of the European Banking Authority, the new circular is even stricter than its predecessor. Important requirements include a thorough assessment of the professional qualifications; an assessment regarding the collective suitability; diversity; the biggest challenge, however, is the requirement not only of propriety but in significant credit institutions also to appoint at least two independent supervisory board members.
The era of independent supervisory boards …
