Regulatory Alerts2022-03-31
Instruction No. 04/GR/2022 on Corporate Governance in Banks
The Central Bank of Mauritania issued Instruction No. 04/GR/2022 to establish minimum corporate governance rules for all Mauritanian banks, mandating robust frameworks adapted to their size and risk profiles. The directive requires strict functional separation between deliberative and executive bodies, defines precise board composition including a mandatory one-third independent director quota, and outlines specific oversight duties regarding risk management, financial reporting, remuneration, and related-party transactions. It further standardizes shareholder rights, executive management accountability, continuous director training, and the Central Bank's supervisory powers to ensure long-term financial soundness and stakeholder protection.