Regulatory Alerts2024-01-01
Financial Institutions (Corporate Governance) Regulations 2024
The Central Bank of Uganda issued the 2024 Financial Institutions (Corporate Governance) Regulations to mandate robust governance frameworks for all licensed financial institutions. The regulations require boards to maintain formal charters, ensure independent majority composition, establish specialized committees (audit, risk, credit), and implement comprehensive risk management and compliance functions. Directors must adhere to strict fiduciary duties and undergo annual performance evaluations, with the Central Bank empowered to impose administrative sanctions or remedial measures for non-compliance.
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