Regulatory Alerts2025-03-28
GFSC Guidance Note on Corporate Governance: Board Responsibilities for Banks and Insurers
The Gibraltar Financial Services Commission issued this guidance to define specific board responsibilities for banks, insurers, and their branches, emphasizing prudent management and regulatory compliance. The document mandates that boards establish sustainable strategies, articulate measurable risk appetites, and maintain a culture of ethical behavior supported by robust internal controls. It further requires independent non-executive directors to effectively challenge management, ensures adequate board resources and succession planning, and enforces strict governance standards for subsidiary boards to safeguard financial stability.
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