The Board of Directors – Between Present and Future
In a constantly changing environment, CEC Bank reaffirms its role as a leader in innovation and social responsibility in the Romanian banking sector. With a deep commitment to financial inclusion, sustainability, and digital transformation, the bank combines tradition with cutting-edge technology to meet the diverse needs of its clients. Mirela Iovu, Vice President of CEC Bank, and Simona Andrei, Vice President of CEC Bank, emphasize the importance of solid governance, social responsibility, and strategic investments, confirming CEC Bank’s position as a cornerstone of the Romanian banking system.
The interview published in Nine O'Clock magazine is part of the “Future of Boards” campaign launched by Envisia | Boards of Elite, the first business school in Romania dedicated to board members. The initiative addresses systemic topics that shape modern corporate governance. Through in-depth discussions and practical examples, the campaign highlights the critical role of boards of directors in managing the challenges companies face in a continuously changing world. Complementing this vision, Envisia | Boards of Elite, through its specialized programs, is committed to providing its members with educational opportunities, events, and informational support, thereby fostering professional excellence and personal growth.
What are the main challenges facing the board of directors, and what will be their future impact on their evolution, both generally and specifically in the banking sector? What changes are necessary in board operations to address these challenges?
One of the aspects that are becoming increasingly significant when discussing boards of directors is social responsibility. Board members are becoming more aware of issues related to their responsibility towards society.
In recent times, boards of directors have been more involved than ever in calibrating and balancing the policies of the companies they manage and in developing sustainable strategies that adhere to the best social and environmental practices, guided by corporate governance codes. Moreover, corporate social responsibility goes beyond board members or shareholders and increasingly includes all stakeholders influenced by the bank’s activities. Their interests must be considered more thoroughly in the financial institution’s decisions.
How will the profile of a board member evolve? What new skills will need to be developed and brought to the boardroom?
Each board member must continuously enhance their skills necessary to evaluate the company’s operations and policies. For this reason, all board members should have extensive experience in business and social domains.
Future trends may include regular performance evaluations and reviews conducted by board members. Another aspect could be that board members will be more frequently involved in campaigns of charitable organizations.
What are the main challenges facing the board of directors, and what will be their future impact on their evolution, both generally and specifically in the banking sector? What changes are necessary in board operations to address these challenges?
One of the aspects that are becoming increasingly significant when discussing boards of directors is social responsibility. Board members are becoming more aware of issues related to their responsibility towards society.
In recent times, boards of directors have been more involved than ever in calibrating and balancing the policies of the companies they manage and in developing sustainable strategies that adhere to the best social and environmental practices, guided by corporate governance codes. Moreover, corporate social responsibility goes beyond board members or shareholders and increasingly includes all stakeholders influenced by the bank’s activities. Their interests must be considered more thoroughly in the financial institution’s decisions.
You can read the full article HERE.
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