Nationality Diversity of Bank Boards

Open access


The aim of this paper is to carry out a comparative study for nationality diversity in bank boards. The study covers practices of board diversity of nine commercial banks. The data are compared for subsidiary banks in Bulgaria and their parent banks from the home country. The study defines a high degree of nationality diversity in subsidiary banks. The Bulgarian banks have a higher number of foreign members on boards compared to their parent banks. The good practices on board diversity in Bulgarian banks are a consequence of their subordination in European financial conglomerates and are aimed to reduce agent conflicts.

Basel Committee on Banking Supervision (2010). Principles for enhancing corporate governance. Basel: Bank for International Settlements.

Björklund, R. (2010). Corporate board governance & the diversity-participation paradox - A note on the banking sector. International Journal of Public Information Systems, 6(1), 121-131.

Bulgarian National Bank (2017). Banks in Bulgaria. Sofia: BNB, January - March 2017.

Čančer, V. & Mulej, M. (2013). Multi-criteria decision making in creative problem solving. Kybernetes, 42(1), 67-81.

Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU

Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC.

European Banking Authority (2017). Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders under Directive 2013/36/EU and Directive 2014/65/EU. EBA/GL/2017/12

European Banking Authority (2016). Report on the benchmarking of diversity practices. EBA, London.

European Commission (2010). Green paper. Corporate governance in financial institutions and remuneration policies. COM(2010) 284 final.

European Commission (2011). The EU corporate governance framework. COM(2011) 164 final.

European Commission (2012). Action Plan: European company law and corporate governance - a modern legal framework for more engaged shareholders and sustainable companies. COM(2012) 740 final.

García-Mecaa, E., García-Sánchezb, I.-M., & Martínez-Ferrerob, J. (2015). Board diversity and its effects on bank performance: An international analysis. Journal of Banking & Finance, 53, 202-214.

Houbenova-Delisivkova, T. (2015). The financial sector in Bulgaria: Problems and challenges of the regulation and policies alternatives. In: Demarrage or Slow Motion for the Economy and Finance. Sofia: UNWE Printing House, 15-27.

International Finance Corporation (2016). The corporate secretary: The governance professional. Washington DC.

International Finance Corporation (2015). A guide to corporate governance practices in the European Union. Washington DC

International Finance Corporation (2012). Corporate governance for banks in Southeast Europe. Washington DC.

IIC Partners. (2015). Bio-diversity among European bank board members. San Francisco.

Nedelchev, M. (2017a). Diversity on bank boards: Evidence from Bulgaria. Ethical Boardroom, Summer, 52-54.

Nedelchev, M. (2017b). Diversity on banks’ boards. Economic Thought Journal, 2, 71-91.

Pašić, P., Bratina, B., & Festić, M. (2016). Corporate governance of banks in Poland and Slovenia. Naše gospodarstvo/Our Economy, 62(3), 3-12.

Naše gospodarstvo/Our economy

Journal of contemporary issues in economics and business

Journal Information


All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 259 214 12
PDF Downloads 132 123 8