Who are the independent directors in large Italian banks? Identity, diversity and disclosure

This paper investigates the quality of the independent directors of large Italian banks, with the aim of understanding who they are and the degree of diversity among them. The extent to which the profile of the independent director meets the requirements of independence as well as the level of biographical disclosure is also examined. The results indicate that the identikit coincides with a 60-year-old man coming from the bank’s territories and with remarkable expertise and a middle international vocation, while diversity is lacking in relation to gender, education and professional background. The study also raises serious concerns about the time availability and true independence that characterizes independent directors, as well as an insufficient level of biographical disclosure.