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Management bodies of financial institutions need specific skills. Answering to a consultation paper by the European Banking Authority (EBA) , UNI Europa Finance reiterated its positions on corporate governance and recruitment policies for financial institutions’ boards. Recruitment for the board is an especially important topic as during the financial crisis it has become clear that there was a serious concern about competences and qualifications of the members of management and other decision making bodies. In addition, events such as the recent scandal on the Libor agreements between banks also show that reputation is a serious issue and should be monitored on an ongoing basis.

In general, recruitment policies should be specific enough to ensure that members of the management body are suitable and they should also take into account the employee perspective, i.e. by representation of employees on the board and in recruitment committees. Diversity of the management body is a key issue in sound and long-term oriented corporate governance. In addition, the competences of board members should be continuously updated in order for them to fulfil the requirements necessary for their task. More information and the EBA Consultation paper on draft Guidelines for assessing the suitability of members of the management body and key function holders of a credit institution is available at http://www.eba.europa.eu/Publications/Consultation-Papers/All-consultations/2012/EBA-CP-2012-03.aspx