Regulatory Alerts2005-01-07
Report on the Standard of Corporate Governance in Banking Institutions
The South African Reserve Bank issued Banks Act Circular 5/2005 to publish the findings of a review assessing corporate governance compliance in banking institutions other than the five major banks. The regulator identified that while most reviewed banks maintain sound governance standards, significant concerns persist regarding compliance functions, director selection, skills training, board monitoring, and transformation. The Office will engage individual institutions to address these weaknesses as part of its ongoing supervision of the sector's commitment to sound corporate governance.
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