Frontpage News 2016 Board member compe...

Board member competencies in financial companies are strengthened

13 April 2016

Today, the Ministry of Business and Growth published Rapport om grundkursus for bestyrelsesmedlemmer i pengeinstitutter, realkreditinstitutter og forsikringsselskaber (Report on a basic course for board members in finan-ial institutions, mortgage institutions and insurance companies). The aim is to strengthen competencies for board members in financial companies and the Danish Bankers Association supports this ambition.

The report has been drafted by the special committee concerning basic courses for board members that was set up by the Danish Financial Supervisory Authority (FSA) as a follow-up to the Rangvid Report.

“At the Danish Bankers Association we support the ambition of having the best possible board members in Danish financial companies and we have, therefore, been looking forward to the special committee’s report,” Legal Executive Director at the Danish Bankers Association, Kenneth Joensen emphasises.
 

Better equipped

The special committee established competency areas that are relevant for board members in financial companies and set up a range of learning outcomes.
 
“We believe that the content and form laid down by the special committee will contribute to ensuring that board members in Danish financial institutions become even better equipped to bear the great responsibility involved in sitting on a board of directors in a financial institute,” Legal Executive Director at the Danish Bankers Association, Kenneth Joensen, says and concludes:

“In the Danish Bankers Association’s management code we already have recommendations about educating new board members and the special committee’s recommendations are a good enhancement of the intentions we have with our recommendations to member companies.”
 
Link to the report (available in Danish)
 
Further information:
Stine Luise Hansen, Head of Media Relations at the Danish Bankers Association.
Tel.: +45 3016 1009
E-mail: slh@finansraadet.dk
 

Background

As a follow-up to the Rangvid Report, requirements that new board mem-bers in financial institutions, mortgage institutions and insurance companies must complete a basic course in competencies for boards of directors were introduced in the Danish Financial Business Act. The contents of the basic courses will be laid down by the Danish FSA in a legislative act on the recommendation of a special committee made up of experts from the University of Copenhagen and Copenhagen Business School as well as a range of people with practical experience within boards of directors recommended by the Danish Bankers Association, the Danish Regional Bankers’ Association, the Association of Local Banks, Savings Banks and Cooperative Banks in Denmark, the Association of Danish Mortgage Banks, the Danish Mortgage Banks' Federation and the Danish Insurance Association. The requirements on completing a basic course will come into force and be effective for board members who enter a board of directors after 1 January 2017.
 
We gather statistics by using cookies. If you continue using the site, you automatically agree to this. Reject here