Mercoledì, 24 Ottobre 2018

Italy's central bank governor attacks executive pay


(ANSA) - Rome, September 25 - The governor of Italy's
central bank called on banking leaders for reforms in the
governance of their sector at a conference in Rome on Tuesday,
citing executive pay as an issue that needs tackling.
"The Italian banking system has undoubtedly made progress
in governance," Bank of Italy Governor Ignazio Visco said,
Bu he added that: "we expect additional steps forward to be
made; there are still plenty of areas where more efforts are
Visco seems to be keen to see Italy's banks break up 'old
boys' clubs' in board rooms.
Visco said banking boards must increase the number of women
board members, and seek to diversify the experience and
backgrounds of their members in general.
The governor commented that the "capacity to prevent or at
least cushion the blow" of the credit crisis "has been greater
where the board knew how to keep control of risks, demonstrated
skill and transparency."
Visco also bit into banks for their "criticism and
resistance to the Bank of Italy's corrective actions" to nip
executive salaries and bonuses that are "not coherent" with the
current economic crisis.
He scolded banks for not heeding pressure reduce the amount
of assets connected to public debt too, saying they ignored
"costs connected with profligate and excessively structured
government assets".

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