Andrew Bailey, PRA Chief Executive, has given a speech on governance and the role of boards in banks, insurers and major investment firms. The speech considers the role of boards in the broader setting of firms' executive senior management, boards with non-executive directors in the majority, and supervisors. According to Mr Bailey, the PRA expects boards to exercise good judgement in overseeing the running of a firm and to do so on a forward-looking basis and the firm's culture should promote discussion, debate and honest challenge. The PRA also expects non-executive directors, under the leadership of the chair, to challenge executives in all aspects of the firm's strategy, including the viability and sustainability of the business model and the establishment, maintenance and use of the risk appetite and management framework. It also relies on them to mentor and coach executives.