The
Independent Commission on the Future of the Cyprus Banking Sector was formed in 2012 by the
Central Bank of Cyprus and asked to make recommendations to strengthen the banking sector, improve supervision and promote competition. Earlier this week the Commission published its interim report: see
here (
pdf). An executive summary is available
here (
pdf). The interim report contains many recommendations including some relating to the governance of banks, having identified many governance failures including boards where the culture was one of deference rather than challenge (see, in particular, chapter 6).
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