Regulatory Alerts2016-01-01
Banking and Financial Services Corporate Governance (Amendment) Directives, 2016
The Bank of Zambia issued three successive amendments to its Corporate Governance Directives for banks and financial institutions to update board tenure rules, compliance timelines, and committee mandates. The 2017 directive extends the phase-out period for existing board members to three years, reduces specific compliance deadlines from two years to six months, and authorizes the Loans Review Committee to approve credit policy exceptions. Earlier 2016 amendments formally established the directives' effective date upon gazette publication and standardized their official title across regulatory notices.
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