On October 1st and 2nd, the banking commission of the Institut luxembourgeois des administrateurs (Ila) launched its third annual forum for bank directors in Luxembourg.
This year, independent and executive board members, members of senior management of Luxembourg credit institutions, many from abroad, gathered at the KPMG premises to attend the bank governance centric workshops with a focus on the latest updates in our regulatory and market practice. Key points of focus were the involvement of the European Central bank in our regulatory framework in particular in respect of SSM and CRD IV significant entities and updates regarding the practice around the CSSF circulate 12/552.
Speakers included governance practitioners (including several members of the Ila banking committee), advisory firms, bank board members and leading corporate governance experts as well as the CSSF.
The training aimed at preparing and exchanging with the attendees on the new corporate governance expectations of the market, the direction it will be taking in the near future and the challenges to come on a boardroom or specialized committee level as well as for the key control functions and risk assessments and strategies. A dialogue with the CSSF, case studies and exchanges on board room dynamics enabled participants to exchange on the impact of heavy regulations and the change of regulator and board cultures that are being experienced in the Luxembourg market and on an EU level. The specificities of subsidiary governance were also discussed as a hot topic this year, in continuance of the themes covered at the conference organized for the Ila ten year anniversary last June.
Attendees from Luxembourg and abroad were particularly active and shared their views and experiences and brought incredible added value to the debate. An attendee commented on the course: “Life-long learning: Fascinating two days studying the changing world of the bank director - and the emerging risk of not seeing the forest (organisational purpose) for the trees (regulatory demands)”, another said “each banking director in Luxembourg should be committed to follow this course”.
The 2015 forum for bank directors is a CSSF approved program, which aims every year at updating governance professionals on the latest challenges in the Luxembourg market and expectations of the regulators and the market. It is one of the key trainings offered by Ila, whose mission is to promote the profession of board members from all industries and experience levels and assisting their development into highly qualified professionals. Ila’s role is also to promote best practices in Luxembourg in the field of corporate governance of companies and institutions by actively engaging with its key players and assisting its members voice their interests and opinions in respect of the challenges of the Luxembourg market.