Does the Bank of Italy select the senior management at banks?

The supervisory authority – i.e. the ECB in the case of the largest banks and the Bank of Italy for the others – does not designate or choose the senior management of banks. The banks – usually the shareholders’ meeting or, in the case of co-optation, the administrative body – appoint their own senior management. The supervisory authority performs a second-level check on the candidates’ suitability, based on a series of requirements established by ministerial decree. Recently, the supervisory authority has been legally empowered to remove senior management at supervised banks in certain specific and particularly serious situations.