No more than two consecutive terms at the helm of Romanian Banking Association

Members of the Board of Directors of the (ARB) are no longer allowed to hold more than two consecutive three-year terms, unlike at present, when there is no cap, according to a draft to modify the charter of the organisation representing the interests of the banking community. Radu Ghetea has held the position of ARB president since 2000 and his current mandate ends in 2012. Another proposal that has to be considered by May 15 by the 41 member banks relates to raising the number of Board of Directors vice-presidents from three to five. Thus, the board will come to have seven members voted by the general assembly of shareholders: the president, the first vice-president elected by Board and five vice-presidents. Only the heads of lending institutions will still be able to candidate, but a new eligibility condition will be to speak Romanian. Another novelty is that should a Board member leave the bank on behalf of which he or she ran for a position with ARB, the respective member can keep the ARB position for one month at most, instead of six as it happens at present.