Greek Banks to Replace About a Third of Board Members by September

Greek banks must replace almost a third of their board members by September in a bailout-mandated drive to strengthen corporate governance, bankers with knowledge of the matter told Reuters. Greek banks traditionally have businessmen, union leaders and in some cases politicians on their boards. But under its third international bailout, Greece agreed to try to ‘de-politicise’ links between government and the banks, boost board-level expertise and improve corporate governance, one banker said. The country’s HFSF bailout fund hired external consultants to review the boards and they have said that up to 18 directors on the boards of four different banks must be replaced.