Huntington Bank: The Latest on Corporate Governance
Just in case you haven't been taking corporate governance seriously, the Federal Reserve Bank of Cleveland has issued a timely reminder. Huntington has just signed an order with FRB-Cleveland that requires the bank to redesign its management system. With the help of outside consultants (there's nothing like a fresh look from outsiders) Huntington must evaluate the qualifications and skills of its directors and managers. It must also evaluate the bank's ability to maintain effective risk management while carrying out regulatory responsibilities. The consent agreement outlines some key elements that all bank management should consider, including whether its directors are qualified to do the job. It makes interesting reading.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 3, 3/05
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