Governance of the HFSF and the banks Sample Clauses

Governance of the HFSF and the banks. The independence of the HFSF will be fully respected, its governance reinforced and it shall operate under commercial terms and without any political or other interference. The independence of the management, decision-making and commercial operations of banks will be fully respected and the banks will continue to operate strictly in accordance with market principles. Any potential replacement of board members and senior management of the banks will be carried out without any political or other interference. Appointments will be made in line with best international practice. As a prior action, the HFSF will make every reasonable effort to ensure that the reconstitution of the boards of the four core banks is finalised and that non-eligible members are replaced by new members nominated by the nomination committees of the banks who respect the criteria specified in the HFSF law. Any other changes in banks' governance recommended by the review should also be implemented. As a prior action, the authorities will ensure that State representatives meet the minimum criteria of the HFSF law. As a prior action, the authorities will appoint a CEO in the HFSF in accordance with the requirements of the HFSF law. Following the review and reconstitution of the banks' boards, the HFSF will make every effort through its representative on the boards of the banks and as an active shareholder, to ensure that the boards function effectively in overseeing the performance of management. The HFSF as shareholder and also on the basis of the Relationship Framework Agreements (RFAs) should assess regularly, using if needed external expertise, the banks' overall governance framework and the performance of the banks’ Boards of Directors and recommend, if needed, changes. The HFSF will also ensure that the banks’ Boards of Directors assess regularly, using if needed external expertise, the effectiveness of Banks’ middle and senior management. The HFSF will ensure through the Relationship Framework Agreements (RFAs) that the external auditors' contracts with the banks will have a maximum duration of five consecutive years, and the decision on the first rotation of the current auditors will be made in all banks by end-February 2017 for the financial year of 2018 at the latest.
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