Regulatory Alerts2023-12-29
Instruction No. 75/AMF-UMOA/2023 on the Governance of the West African Securities Exchange (BRVM)
The West African Monetary Union Financial Markets Authority (AMF-UMOA) has issued Instruction No. 75/2023 to establish minimum corporate governance standards for the West African Securities Exchange (BRVM). The directive mandates a balanced Board of Directors comprising at least 75% non-executive members and two independent directors, while defining strict independence criteria and continuous training requirements. It further outlines comprehensive board responsibilities regarding strategic oversight, risk management, executive supervision, and the mandatory adoption of a formalized corporate governance charter.
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