Regulatory Alerts2022-02-01
Notice No. 01/2022: Corporate Governance Code for Banking Financial Institutions
The National Bank of Angola issued Notice No. 01/2022 to regulate internal governance and control systems and establish the Corporate Governance Code for Banking and Non-Banking Financial Institutions under its supervision. The regulation mandates that institutions align their organizational culture, capital structures, and risk management frameworks with internationally accepted best practices, ensuring strict segregation of functions, transparent information disclosure, and independent oversight by governing bodies. It further requires periodic review of governance models, detailed definitions of director independence and risk categories, and prior regulatory approval for any structural changes to ensure prudent management and mitigate conflicts of interest.