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I wonder if ______ is an extremely optimistic person or in a cocoon of senior management denial

No. 6: If you don’t give it to me you’ll only lend it to someone else and look where that got us

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Thursday, August 28, 2008

Board stupid: The first story revealing the lack of financial expertise among the boards of the world's largest financial institutions


Recently RBS announced three new non-executive directors with experience in the banking industry. Have a look at the first story to reveal the appalling lack of financial expertise among independent directors of the world's largest financial institutions – our February 2008 cover story, 'Board Stupid'




Board stupid

The global banking industry faces its biggest challenge in decades. Hundreds of billions of dollars have been written down and wiped off its market value in the space of just six months. But shareholders looking to independent directors to shore up their interests and make sure the same mistakes do not happen again are likely to be disappointed. The make-up of many banks’ boards of directors means they simply aren’t qualified for the task.

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Some senior executives within banking are, in private of course, admitting the current composition of boards is not serving the industry’s best interests

Fewer than one in three directors of 17 banks outlined in Board stupid has any direct experience of the banking industry. Most worrying for shareholders, only one in 10 directors are former bankers in a non-executive role.

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