Regulatory Alerts2024-12-06
Addendum to Instruction No. 21, Modification No. 2 of July 4, 2023, on Corporate Governance of Credit Institutions
The Central Bank of Congo issued this addendum to amend Articles 16 and 41 of its July 2023 corporate governance instruction, establishing fixed terms for independent (three years), non-executive (six years), and executive (five years) directors. It mandates a six-month cooling-off period for executives, restricts post-tenure roles during remaining terms, and clarifies termination grounds including gross misconduct, sick leave, and politically exposed person (PEP) status. Furthermore, it imposes a thirty-six-month waiting period for PEPs seeking board or executive roles and declares the addendum effective upon signature while repealing conflicting prior provisions.
Share