Getting to know better : Alain Hondequin
Alain Hondequin possesses a broad 30+ years of international banking experience, starting in Belgium and then in Luxembourg since 1986 where he held managerial positions in legal and compliance functions and as member of the banks’ Management Boards. He further acted as for many years as secretary to the Board of Directors of several Luxembourg Banks. He spent some 19 years within UBS Group, mainly in Luxembourg as Head of Legal & Compliance and 2 years in Switzerland in a Wealth Management Compliance function.
In March 2014, Alain Hondequin joined the Luxembourg Bankers’ Association (ABBL) currently acting as General Counsel Business Clusters covering areas such as Private Banking, Commercial and Custody Banking as well as Retail Banking.
Alain has a law degree from the University of Liège and a Bachelor of law degree (LLB) from Cambridge University. He is also a founding member, a former Vice President and Board member of the ALCO.
What are in your opinion, the key attributes for a Director?
The first things that come to mind are: ask the right questions and be inquisitive (ask again if you don't understand), speak up and don't be afraid to be critical (whilst remaining respectful) or even to say no (but do explain why) and educate yourself continuously to remain up to date (knowledge only gets you that far in current changing times). Those are some of the prerequisites to exercise sound judgement in taking informed decisions.
What do you think makes a great Board?
A great board should in my opinion have the right mix of experience and competence of directors befitting the company's strategy and business model, as well as the right balance of shareholders' interests versus independence of its members. Add a touch of personal soft skills, a spoonful of leadership and a clear view on digital challenges / opportunities ahead you may find one of the better formulae.
What would you change to improve the effectiveness of Luxembourg Boards?
An effective board is one that incorporates the elements highlighted in the formula for a "great" board. Beyond that, a board will only be efficient if its members are provided with adequate, complete and relevant information, sufficiently in advance, to be able to take informed decisions. Furthermore, the board's own culture should be one of open discussion and transparent communication. Finally, the directors need to be regularly educated on all relevant matters (regulatory changes as well as changes within the organisation or its services). Any action taken towards improving said will enhance your board's efficiency.
What does the outlook of Luxembourg look like, 10 years from now?
As it has shown in the past, Luxembourg will time after time face new challenges some more country specific, some global by nature, but from my close observation of (and my decades of professional experience in) the Grand Duchy I am convinced these will be addressed in a timely and intelligent way. As with threats, come opportunities. Luxembourg has rightfully recognised the importance of digitalisation and its potential impact on the economy. However, the outlook will only be bright if we recognise that we must continue to be faster and better in providing pragmatic solutions to those changes to our economy.
How can ILA contribute to the economy, better boards and society?
ILA provides the best possible forum for exchanging best practices as well as a platform for continuous education and self-development of independent directors in Luxembourg. Given the evolution of the Luxembourg economy and its financial centre as well as the increasing complexity of the regulatory environment, ILA plays a key role in ensuring the quality and professionalism needed for sound corporate governance of Luxembourg companies. We have seen too many times from recent financial scandals mentioned in the press how important sound and effectively applied governance can be in avoiding major incidents and preserving one very valuable asset: reputation.