Peter O Mülbert, Alexander WilhelmFrom: European Banking Union (2nd Edition)
Edited By: Danny Busch, Guido Ferrarini
The EU Capital Requirements Directive IV (CRD IV) has fundamentally transformed the legal framework for banks’ corporate governance. Against this backdrop, the chapter offers a comprehensive analysis of the Directive’s corporate governance framework, starting with an overview of EU banking structures and the history of corporate governance regulation in the EU financial sector. A subsequent more detailed description of the Directive’s corporate governance regime serves as the basis for an in-depth analysis of the various conceptual concerns raised by its framework. In addition, the chapter addresses functional concerns and raises the question whether the newly designed CRD IV standards are actually suitable to improve the quality of banks’ corporate governance, taking account of recent approaches to enhance proportionality in particular. It concludes with a number of critical remarks and an outlook to the future of corporate governance regulation in the EU, most notably in the light of developments such as Brexit and the ongoing digital transformation of the financial sector.