Recommendation B-SKOK on Good Corporate Governance Practices for Cooperative Savings and Loan Associations

The Financial Supervision Commission (KNF) issued Recommendation B-SKOK to establish minimum standards for corporate governance in Polish cooperative savings and loan associations (SKOKs), aiming to enhance financial stability and reduce operational risks. The document mandates that SKOKs implement proportional organizational structures, ensure strict accountability of management and supervisory boards, and maintain strong member ties to counteract the erosion of the cooperative model. It specifically prohibits the outsourcing of core management functions, such as risk management and internal control, while requiring robust internal systems for compliance, financial planning, and risk identification.

Poland

Polish Financial Supervision Authority