The Banking Act requires every managing director of a bank to have fachliche Eignung, professional suitability. This means enough theoretical and practical knowledge of the bank’s business, together with management experience. It is normally assumed after three years in a leading position at a comparable institution. The Stock Corporation Act sets a similar rule for the supervisory boards of companies of public interest. At least one member must have expertise in accounting, and at least one other member must have expertise in auditing.