Regulatory Alerts2022-03-11
Prudential Authority Guidance Note 3/2022 on 2022 Board Meetings and Succession Planning
The Prudential Authority issued Guidance Note 3/2022 to mandate structured board meetings throughout the 2022 calendar year, designating succession planning as the primary supervisory focus. Financial institutions must prepare a comprehensive presentation and supporting documentation detailing their talent management strategies, board directorship continuity programmes, and risk mitigation plans for executive and non-executive leadership roles. The Authority requires the chairperson of the Directors’ Affairs Committee to deliver a seventy-five-minute briefing, after which institutions must return signed acknowledgements from both the CEO and auditors to confirm compliance.
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