Regulatory Alerts2013-09-05
Amended Corporate Governance Regulation for Financial Institutions
The Central Bank of Liberia issued this regulation to establish minimum corporate governance standards for all licensed financial institutions, replacing its 2008 predecessor. It mandates strict fit-and-proper criteria for director appointments, requires boards to maintain a minimum of seven members with at least one-third independent directors, and enforces a 75% attendance rule for board meetings. The framework further standardizes shareholder rights, establishes key board committees and compliance functions, and grants the Central Bank authority to approve directors, suspend or remove board members, and impose administrative sanctions for non-compliance.
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