It must be ensured that a member of the supervisory board in a company in the financial sector is knowledgeable and reliable. This is because it has been shown in many failures and bankruptcies that the members of the relevant institution have proved incapable of monitoring the management of the board of directors. The supervisory authorities have therefore issued a number of regulations regarding this group of persons. – According to a survey conducted by the German Federal Financial Supervisory Authority in 2012, only a quarter of the members of the supervisory bodies in the institutions surveyed come from the financial sector; the supervisory bodies are thus clearly dominated by people from outside the sector (people not having experience in the financial sector). Since 2012, supervisory board members have also been required to submit a criminal record certificate – which could, however, make it more difficult to find people who are highly paid members of supervisory bodies, especially in the Landesbanks, which are staffed with party functionaries. – See Bankenführerschein, Sachkunde, Westdeutsche Landesbank. – Cf. BaFin Annual Report 2010, p. 88 (duty of notification for initial appointment of supervisory board members; legal basis), p. 142 (examinations in the course of powers under the new Act to Strengthen Financial Market and Insurance Supervision), BaFin Annual Report 2012, p. 123 (governance in supervisory bodies).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

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