THIS SEMINAR IS PART OF THE FBF BANK BOARD ACADEMY FOR NON-EXECUTIVE DIRECTORS
Watch the streaming of the event
Banks have been at the center stage of the intermediary chain since the pandemic outbreak as they were called to provide lending to a frozen economy. Going forward their boards will need to continue steering them to facilitate the recovery and the transformation of the economy towards a more sustainable and more digital advanced modus operandi. In this respect, the Next Generation EU may turn out to be a catalyst for improving the low stagnating profitability of the European banking sector and fostering its restructuring.
Banks’ internal governance and supervisory expectations will be key factors for the European economic transformation. On the one hand, bank boards will have to enhance diversity and expertise in specific new areas such as IT and climate change in addition to enhance their effectiveness. On the other hand, supervisors will be essential in accompanying the new role that banks will play in the economic recovery.
Against this background, the online debate will ask:
- How has banks’ internal governance evolved in recent years and what are the main challenges for the board’s oversight going forward?
- How does the recent evolution in their internal governance allow banks to be better prepared than in 2008 to face the main challenges banks are experiencing?
- Covid Crisis – Board’s ability to adapt to evolving circumstances – response to the crisis
- Challenges & acceleration of trends: digitalization, change in customer behaviour, new entrants, profitability, etc.
- Expertise & diversity enhancement on the Board. Recent trends to broaden the scope of diversity (in terms of gender, expertise, ethnic and racial). Alignment with the strategy and the needs of the Board
- How has banking union benefited from common supervisory practices in the area of governance and how could further harmonisation within the EU be beneficial in this respect? What new supervisory tools may be used going forward to ensure a further enhancement in banks’ board effectiveness?
- How can banks sustain the new European economic recovery? What is the role of banks’ board in this context?
- What role can supervisors play in sustaining the role of banks in the implementation of the Next Generation EU?
- Looking forward, one of the big challenges is climate change. There are increasing demands from stakeholders on ESG matters and, particularly on sustainability. What is the supervisory expectation on climate change? Where should banks and their board focus?
- Enhancement of the Board’s role to incorporate sustainability in the company’s strategy and business management. Effective oversight on ESG risks and opportunities. Expertise on sustainability issues. Integration of compensation KPIs linked to sustainability.
Elena Carletti (Bocconi University) Elena Carletti is Professor of Finance at Bocconi University. She is also founding director of the Florence School of Banking and Finance Florence School of Banking and Finance at the European University Institute, is a member of Board of Directors of Unicredit SpA and a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.
Andrea Enria (Chair of the Supervisory Board, European Central Bank)
Mr Andrea Enria took office as second Chair of the Supervisory Board of the European Central Bank in January 2019. Before that he was the first Chairman of the European Banking Authority (EBA) since March 2011. He previously served as Head of the Regulation and Supervisory Policy Department at the Bank of Italy, and as Secretary General of the Committee of European Banking Supervisors (CEBS). He also held the position of Head of Financial Supervision Division at the European Central Bank. Before joining the ECB he worked for several years in the Research Department and in the Supervisory Department of the Bank of Italy. Mr Enria has a BA in Economics from Bocconi University and a M. Phil. in Economics from Cambridge University.
Carlos Torres Vila (Chairman, BBVA)
Carlos graduated with a B.S. in Electrical Engineering and B.S in Management from MIT (Massachusetts Institute of Technology ) , where he later also earned a M.S at the MIT Sloan School of management. He also Graduated in law from UNED (Spain). He worked at McKinsey & Company for 12 years (partner from 1997). He joined Endesa as Corporate Director of Strategy and member of its Executive committee and also became CFO. In 2008, Carlos joined BBVA as Head of Strategy and Corporate Development, and member of the bank’s Management Committee. In 2014 was appointed Head of Digital Banking, until 2015 when he became Chief Executive Officer of the bank. Carlos is currently Chairman of the Board of Directors in BBVA and Chairman of BBVA Foundation.
This eight online seminar takes place in the framework of the Challenges for Bank Board Members series, which aims at building a community of professionals from the banking and finance industry interested in deepening their knowledge about bank boards’ functioning and learning how to challenge bank management effectively. Seminar speakers include an international faculty of regulators, supervisors, and academics together with bank and finance professionals. The Challenges for Bank Board Members series is part of the new FBF Bank Board Academy for Non-Executive Directors.
FBF Bank Board Academy Brochure
the details and fees of
FBF Bank Board Academy
for Non-Executive Directors!
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In cooperation with Oliver Wyman
Course dates: 31 May – 18 June 2021
Andrea Federico (Oliver Wyman); Pierre Schlosser (Florence School of Banking and Finance, European University Institute)
Anthony Charrie (Oliver Wyman); Christy Ann Petit (Florence School of Banking and Finance, European University Institute)
Silvia Allegrezza(University of Luxembourg); Carolin Gardner, Endija Springe (European Banking Authority); Dominik Käfer, Sean Kennedy, Lisa Quest, Daniel Tannebaum (Oliver Wyman); Olena Loboiko (European Commission, DG FISMA); Eleni Tsingou (Copenhangen Business School)
Igor Angelini (EUROPOL); Martin Andersson, Alexandre Cailleteau, Anton Kraminkin, Jayant P Raman (Oliver Wyman); Michael Levi (Cardiff University), Verena Landwehr, Florian Narring (European Central Bank)
Area: Risk management
Target: Members from SSM, EBA, European Commission, National Supervisory Authorities, Financial Institutions Professionals, Compliance Officers, Lawyers, Academics, Ph.D. and Post-doctoral researchers.
Course dates: 14 June – 02 July 2021
Course Directors: Veerle Colaert (KU Leuven University); Matteo Gargantini (University of Utrecht)
Guest Instructors: Federico della Negra (European Central Bank); Eugenia Macchiavello (University of Genova); Diego Valiante (University of Bologna)
Interview Partners: Francesco Costantino (Regulatory Consulting), Christiane Hölz (DSW/Better Finance), Rainer Riess (FESE)
Area: Regulation, Supervision and Resolution
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESMA, ESM), National Supervisory Authorities, economists and risk managers in financial institutions and private banks, lawyers and accountants, Ph.D. students, post-graduate researchers, assistant professors.
The second event of the #FBFDiscuss! series will develop around the motion: “This House Believes that central banks should introduce central bank digital currencies.” The digitalisation wave in the financial sector has also reached the sphere of money, with cryptocurrencies such as Bitcoin and stable coins such as Diem increasingly dominating headlines. Several central banks have recently confirmed plans to evaluate the option of issuing their own digital currencies, including for retail use. In April, the Eurogroup announced its support for ECB plans to possibly issue digital euros. This debate will explore the pros and cons of such a move to central bank-issued digital currencies, including retail digital currencies. Will it help central banks and the financial system to keep up with digitalisation trends? Or will it risk undermining the banking system, and lead to rising cyber frauds and money laundering risks? Will it increase the efficiency of payments further? Or will it eliminate what little privacy we have left in the financial system?
ProponentDomenico Lombardi, Economist and Public Policy Expert Domenico Lombardi is an economist and public policy expert. Formerly the CEO of a foreign bank, he was as a think tank executive at CIGI, Ontario, and a senior scholar at the Brookings Institution in Washington. Previously, he served as an executive board member of the IMF and the World Bank in Washington. His research has been published in leading academic journals. Lombardi has been a regular speaker in high-level international fora, including the G20 and the governing bodies of multilateral financial organizations. He has testified a number of times, including before U.S. Senate Committees.
He has led various high-profile evaluations: on the Financial Stability Board; on the World Bank (“5 Is Review”); and on IMF reform (“Fourth Pillar Report”). Lombardi holds a degree summa cum laude from Bocconi University and a Ph.D. in economics from Oxford University.
OpponentSteve Cecchetti, Rosen Family Chair in International Finance at the Brandeis International Business School. From 2008 to 2013, Professor Cecchetti served as economic adviser and head of the monetary and economic department at the Bank for International Settlements. During his time at the Bank for International Settlements, Cecchetti participated in the Basel Committee on Banking Supervision and the Financial Stability Board post-crisis global regulatory reform initiatives to establish new international standards for ensuring financial stability.
In addition to his other appointments, Professor Cecchetti, from 1997–1999 served as Executive Vice President and Director of Research at the Federal Reserve Bank of New York; and from 1992-2001 he was editor of the Journal of Money, Credit, and Banking. Cecchetti has published widely in academic and policy journals, is the author of a leading textbook in money and banking, and blogs at www.moneyandbanking.com.
Professor Cecchetti holds an undergraduate degree from the Massachusetts Institute of Technology, a doctorate from the University of California Berkeley, and an honorary doctorate in economics from the University of Basel.
- S. Cecchetti and K. Schoenholtz, ‘Universal Central Bank Digital Currency?‘, Money and Banking, April 2018, link.
- S. Cecchetti and K. Schoenholtz, ‘Libra’s dramatic call to regulatory action‘, Money and Banking, July 2019, link.
- R. Auer et al., ‘CBDCs beyond borders: results from a survey of central banks‘, BIS Papers No 116, June 2021, link.
#FBFDiscuss! is a new Oxford-Union style debate format that will bring together two contestants from academia to debate a specific motion. After the opening statements, the event will see the direct participation of the public who will have the chance to pose their questions and vote for their favourite opinion. Join the discussion! Follow #FBFDiscuss on Twitter!
Women in Finance series
GENDER DIFFERENCES IN FINANCIAL LITERACY
Lecture by Annamaria Lusardi, The George Washington University, CEPR, NBER and Netspar 29 June 2021 – 13:00 CEST
Register here to attend on Zoom* * Attending the event on Zoom will allow you to pose questions and interact with the speaker and moderator.
The Women in Finance series aims to highlight successful women across different areas of finance, public service, academia, and private sector. In our second event of the series, Professor Annamaria Lusardi will present the results of her research on gender differences in financial literacy: “Our data, collected over many years, show that women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. We show that women tend to disproportionately respond “do not know” to questions measuring financial knowledge, but when this response option is unavailable, they often choose the correct answer. We estimate that about one-third of the financial literacy gender gap can be explained by women’s lower confidence levels. These estimates matter; both financial knowledge and confidence can be linked to stock market participation.”
SpeakerAnnamaria Lusardi is University Professor of Economics and Accountancy at the George Washington University School of Business (GWSB). Moreover, she is the founder and academic director of GWSB’s Global Financial Literacy Excellence Center. Previously, she was the Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College, where she taught for twenty years.
T. Bucher-Koenen, R. Alessie, A. Lusardi, M. van Rooij, Fearless Woman: Financial Literacy and Stock Market Participation, Working Paper, Global Financial Literacy Excellence Center, March 2021:link
C. Barrett, P. Jenkins, Lack of confidence is impeding women’s financial literacy, study finds, Financial Times, March 2021: link
ChairElena Carletti is Professor of Finance at Bocconi University. She is also founding director of the Florence School of Banking and Finance Florence School of Banking and Finance at the European University Institute, is a member of Board of Directors of Unicredit SpA and a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB).
Course dates: 06 September – 01 October 2021
Course Director: Philipp Paech (London School of Economics)
Instructors: Peter Kerstens (European Commission, DG FISMA); Klaus Löber (European Securities and Markets Authority); Elisabeth Noble (European Banking Authority)
Area: Regulation, Supervision and Resolution
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Economists and Risk Managers in financial institutions and private banks, Lawyers and Accountants, Ph.D. Students, Post-Graduate Researchers, Assistant Professors.
Instructor: Jeffrey Wooldridge (Michigan State University)
Area: Statistical and Econometric Methods
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Financial Stability officers, Economics Departments And Forecasting Departments of Central Banks, Ph.D. and Post-doctoral researchers, Research department officers of private banks.
Course dates: 01 – 03 October 2021
Sitting on Boards: Better Quality and Better Governance
Residential* training, fees apply*Format subject to changes, depending on the circumstances.
Course dates: 11 – 29 October 2021
Course Director: Tuomas Peltonen (European Systemic Risk Board)
Area: Financial Stability and Macroprudential policy
Target: Macro-Prudential authorities from emerging market economies, EU officials, financial stability and research department of Central Banks; students, post-doc researchers; assistant professors; private sector economists and lawyers