EY: There is also a lack of female leadership and digital knowledge on boards

By: Trademagazin Date: 2023. 09. 14. 11:37

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While digitization and sustainable operations are the keys to the long-term success of companies, only a fraction of the board members responsible for decision-making have experience in this direction, according to EY’s international research analyzing European financial service companies. Banks, asset managers and insurance companies must increase the proportion of female managers as soon as possible in order to meet EU requirements.

Based on an assessment of more than a thousand board members in 13 European countries and a survey of 300 investors, according to the study, financial service providers have already begun to reform their boards of directors, but they still have a long way to go. Only a quarter of the members appointed in the first half of this year have practical experience in the field of ESG and sustainability, and barely a third (36%) have extensive technological knowledge, while, in addition to management experience, these are considered key skills by investors in Europe (87%).

“Banks, insurance companies, asset managers and fintech companies are increasingly aware of the stricter expectations of market players. It is worthwhile to establish control processes as soon as possible that ensure the possibility of being able to continuously review and, if necessary, even expand the scope of the board of directors. With this, they can achieve that they can ensure the company’s competitiveness with relevant decisions not only today, but also in the long term.”

– stressed András Bácsfalvi, the head of EY’s compliance services.