Additional obligations on High Impact designated credit institutions

The following additional obligations apply to High Impact designated credit institutions. The numerical references relate to those used throughout the Requirements. High Impact designated credit institutions shall substitute these requirements for those contained in the Requirements.

7. Composition of the Board

7.1 The board of a credit institution shall be of sufficient size and expertise to oversee adequately the operations of the credit institution. The board shall have a minimum of seven directors. The board of a High Impact designated credit institution shall consider whether a larger board is appropriate and shall record such considerations in writing. In particular, the board should comprise sufficient representation by executive directors to ensure that it is not dominated by one individual executive.