8th Annual ILA Forum for Directors of Luxembourg Credit Institutions focused on board accountability and corporate governance

On 14-15 October 2020, the Banking Committee of the Institut Luxembourgeois des Administrateurs (ILA) held its annual Forum for Directors of Luxembourg Credit Institutions.

Board members and executives of Luxembourg banks engaged with high-level speakers to discuss key governance challenges. The Forum included an update from Claude Marx, Director General of the CSSF, followed by an interview with Norbert Becker, Independent Director, regarding the role the Chair of the Board plays to ensure success at board level.

Directors tackled current priorities including the COVID-19 crisis, cybersecurity risk, remuneration policies, and effective management of subsidiaries. Through interactive discussions and debates, participants exchanged views on sustainability, remote working and IT outsourcing regulation. This year’s Forum included a case study exercise designed by the CSSF with participants presenting their findings directly to Karen O’Sullivan and Suzanne Weber (CSSF).

Michael Schweiger (Loyens & Loeff) led the two-day Forum and commented that, “there has been a real evolution of board agendas beyond regulatory compliance; transparency and diversity are no longer buzz words and we see boards actively monitoring their progress in these areas.”