Published by Advanced Boardroom Excellence and Tyzack Partners
Announced in response to a wave of scandals that have rocked confidence in the City’s ability to regulate itself, rules to be introduced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will hold Non-Executive Directors (“NEDs”) to account for governance and breaches thereof.
‘Walking the Tightrope of Board Responsibility – a Difficult Balancing Act’, is a research report by Advanced Boardroom Excellence and Tyzack Partners which suggests that the introduction of the ‘Senior Managers’ Regime’ next year could act as a deterrent to and lead to a narrowing of experienced and capable business people considering non-executive directorships at leading financial services companies.
The report states that the financial services sector could be in for a shock when it comes to recruiting new blood from 2016 onwards. Incoming regulations designed to make company boards more accountable for corporate failings could have a dramatic and damaging effect on the diversity on Britain’s biggest financial services businesses and the way their Boards are run.
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