Regulatory Alerts2017-03-30
Isle of Man Financial Services Authority Guidance Note for Deposit Takers on Corporate Governance
The Isle of Man Financial Services Authority issued this guidance to establish corporate governance standards for Class 1(1) and Class 1(2) licensed deposit takers. It requires boards to oversee strategic objectives, risk appetite, and senior management while ensuring independent non-executive directors and robust committee structures are in place. The document further mandates strict protocols for director qualifications, conflicts of interest, whistleblowing, and remuneration to ensure sound banking practices and depositor protection.
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