Belgium's finance minister proposes major reform of National Bank

Belgium's finance minister proposes major reform of National Bank

Minister of Finance Johan Van Overtveldt (N-VA) places at the government’s table a major reform of the National Bank of Belgium (NBB), providing fewer mandates, more women and a decrease in wages at the Institution, L'Echo and De Tijd report Thursday. Van Overtveldt’s reform comes in the wake of the turmoil caused by the appointment of Steven Vanackere (CD & V) as the National Bank’s Director.

The reform plans for the number of mandates (1,900) to be significantly reduced. Thus, the Board of Censors, which serves as the audit committee, will be discontinued. The number of members of the Council of Regency — the National Bank’s Board of Directors — will be reduced from ten to eight. The number of deputy directors — currently 26 — will also be decreased.

There is also talk of more women in leadership positions. Management’s generous salaries will be analyzed and compared with the remuneration (lower) within central banks in other EU Member States.

The Cabinets of governmental parties will lead this Thursday their first discussion on the Van Overtveldt’s proposal. As soon as an agreement is found, it will be submitted to the government.

The Brussels Times

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