January 19, 2018 / 3:40 PM / a year ago

Brazil´s Caixa approves new rules to improve governance- statement

SAO PAULO, Jan 19 (Reuters) - The board of directors of Brazilian state-owned bank Caixa Econômica Federal approved on Friday rules to improve the bank’s governance, the company said in a statement.

On Thursday, the bank announced replacements for four vice presidents amid a corruption probe. The four stepped down on Tuesday following demands from President Michel Temer, after prosecutors accused multiple vice presidents at the bank of “irregularities.”

In an attempt to shield the bank from political influence, executives that were previously appointed directly by Brazil´s president will now have to be named by the board.

The new rules also mandate that at least 25 percent of Caixa’s board is made up of independent members. Recruitment firms will also have to be involved in appointing senior management.

Reporting by Carolina Mandl; Editing by Susan Thomas

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