In Australia, the four major banks have only “independent” directors plus the CEO on their boards. The Commonwealth Bank board has nine outside directors, NAB eight, Westpac nine, and ANZ seven.
The failed Silicon Valley Bank (SVB) – the second-largest bank collapse in US history – had 11 outsiders plus the CEO. Credit Suisse’s diverse board is composed entirely of 12 outsiders. Day-to-day operations are run by the CEO and 10 other executives.
Loading...
Dietmar Leisen is Professor of Banking of University of Mainz
Peter Swan is emeritus professor of finance at UNSW Business School.
