Regulatory Alerts2008-01-21
Circular C2/08: Meetings to be held during the 2008 calendar year with Boards of Directors, Audit Committees and External Auditors
The South African Reserve Bank’s Office of the Registrar of Banks issued Circular C2/08 to mandate specific discussion topics and presentation formats for 2008 meetings with bank boards of directors, audit committees, and external auditors. Bank boards must comprehensively address remuneration subcommittee oversight of incentive schemes, their governance role in implementing the Internal Capital Adequacy Assessment Process under Basel II, and their active oversight of operational risk frameworks, supported by detailed financial disclosures and risk event analyses. Annual trilateral meetings will additionally require the formal tabling and discussion of management letters, internal audit reports, and regulatory audit findings to align supervisory reviews with newly effective statutory return regulations.