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By Anne-Marie Nicolas, Member of the Banking Committee of the Institut Luxembourgeois des Administrateurs (ILA)
The ILA Banking committee’s mission is to promote the highest standards of directorship and governance best practices in Luxembourg financial institutions, provide their directors with the appropriate tools to meet these standards and best practices and prepare them for impending regulatory changes.
Luxembourg laws and regulations typically do not differentiate between the different statuses of board members. A director representing the Luxembourg state or another public body is the only statutory exception(i). There is therefore no legal differentiation in Luxembourg between an executive director who is an employee of the entity, a non...
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