Regulatory AlertsGood Corporate Governance for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions
The Financial Services Authority (OJK) issued Regulation No. 48 of 2024 to mandate the implementation of Good Corporate Governance principles across the PVML sector, including financing, venture capital, microfinance, and other financial service institutions. The regulation establishes comprehensive requirements for the duties, composition, and conduct of the Board of Directors, Board of Commissioners, Supervisory Board, and Audit Committee, while also enforcing risk management, compliance, and sustainability standards. It officially repeals previous governance regulations for financing and venture capital companies and sets a deadline of April 30 for the annual submission of governance implementation reports.
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