Trust, But Verify A core responsibility of every bank board is to provide a credible challenge to the institution’s management team. The board’s independent directors do this by asking probing questions and seeking information to satisfy themselves that the bank’s management team is running the enterprise in the best interests of the shareholders. The phrase “trust, but verify” entered the American lexicon during nuclear disarmament talks in the 1980s between the United States and the Soviet Union. It’s not a bad approach to corporate governance and the practice of credible challenge. And the results of Bank Director’s 2021 Governance Best Practices...
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