November 3, 2015 / 10:52 AM / 2 years ago

Non-exec directors need greater means to challenge execs - BoE

LONDON, Nov 3 (Reuters) - Non-executive directors of companies need to be given greater means to challenge senior managers as a way of improving accountability in firms, Bank of England Deputy Governor Andrew Bailey said on Tuesday.

Bailey, who heads the BoE’s Prudential Regulation Authority, said alarm bells ring for regulators when senior executives become too sensitive to feedback from non-executive directors.

“Non-executives should not be left to find the answers for themselves, and they should not feel that they have to do so out of a lack of sufficient confidence in what they are being told,” he said in a speech at the Westminster Business Forum in London.

“In other words, they should not be pointed towards the haystack with warm wishes for the search ahead.” (Reporting by William Schomberg, writing by Andy Bruce)

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