Regulatory Alerts2004-12-08
Addendum to the Corporate Governance Guideline
The Reserve Bank’s Division of Bank Licensing, Supervision and Surveillance issued this addendum to amend the Corporate Governance Guideline by redefining Independent Non Executive Directors through seven strict independence criteria. The revision also permits practising lawyers and accountants to serve as directors provided they maintain operational independence from audit or consultancy engagements. Furthermore, the addendum empowers the central bank to directly impose fines for guideline contraventions under the Banking Act and takes immediate effect upon signature.
Share