Regulatory Alerts2020-06-22
Bank of Ghana Corporate Governance Directive – Revised Transitional Provisions
The Bank of Ghana issued revised transitional provisions to its Corporate Governance Directive, establishing a December 31, 2018 compliance deadline for banks and financial holding companies regarding board composition, strategy, and director independence. The regulations cap the tenure of managing directors at four years, board chairs at three years, and non-executive directors at three years, while permitting limited renewals and mandating succession plans for existing contracts lacking fixed terms. Regulated institutions must also secure annual certification from the National Banking College confirming directors have completed corporate governance training, with all other directive sections taking immediate effect.
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