In fact, the post-crisis verdict on corporate governance of banks is quite damning. The Institute of International Finance, an association of major international banks, has concluded after an examination of board performance of banks in 2008 that, “events have raised questions about the ability of certain boards to properly oversee senior managements and to understand and monitor the business itself”.
As per an OECD report, nearly all of the 11 major banks reviewed by the Senior Supervisors Group (an informal group of senior  2  BIS central bankers’ speeches  supervisors under the auspice of the Financial Stability Board – FSB) in 2008 failed to anticipate fully the severity and nature of the market stress.