Big bank boards of directors have been roundly criticized since the onset of the financial crisis. Some boards, like Bank of America and Citigroup boards, have taken steps to bring in a different set of directors, injecting some fresh thinking into key committees. That's commendable. But not everyone thinks these boards have done enough.

Breakingviews notes one area where little has changed since 2007: the percentage of directors with financial expertise. A recent study by Nestor Advisors has found that only one in seven nonexecutive directors has any financial expertise; that's the same ratio as before the financial crisis. Meanwhile, boards in Europe have roughly 30 percent of directors with financial expertise, up from 22 percent in 2007.

The study suggests that boards have not changed since 2007 in other key areas as well. Many have retained the same individuals as directors. And most are likely too big to be effective. Big bank boards have a median of 13 members, which makes individual accountability less likely.

We may hear more about these issues at annual meetings. But no one expects any real outrage.

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