This model is the one followed in several central banks in the advanced economies, including the Bank of England. The role of the council will be to make decisions related to the management of the Bank, such as approving work plans, the Bank’s budget and wages. The council will also appoint an audit committee from among its external members.
In the end, however, the industry and supervisors serve the same goal, which is to create a stable and prosperous financial industry worldwide. It is essential that clients are confident in the solidity of financial institutions and that they are assured that their salaries paid into their bank accounts are safe.