On 22 March 2018, the European Central Bank (ECB) published a speech by its chair, Danièle Nouy entitled Good governance for good decisions. In her speech Ms Nouy discusses what banks have achieved and how they are responding to the ECB’s tougher supervisory expectations. She notes that banks have made improvements and now reflect more deeply on how they compose and organise their boards. However, she also points out certain areas where progress has been slow, this includes: (i) that banks could be more aware of how important the board’s oversight function is; (ii) independence within the board; (iii) a stronger link needs to be made between the board and the internal control functions; (iv) risk appetite frameworks; and (v) data quality. Ms Nouy also mentions that banks need to make sure that their “three lines of defence” model is adapted to the digital world.