An increased focus on risk and compliance for financial services firms has led to a rise in committees, reporting and key performance indicators. But boards must ensure that short-term targets do not hamper long-term strategic vision.
The composition of boards, their agenda and processes for decision-making are critical to ensuring boards discharge their responsibilities. But the quality of their decision-making is critically dependent on the quality of the information they receive and process.
In 2017, the US Federal Reserve acknowledged that boards of financial services companies can be “overwhelmed by the quantity and complexity of information they receive”, and published guidance on supervisory expectations for boards of directors.
The fear is that the proliferation of different committees consumes management and board time to such an extent that they are tak
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