Regulatory Alerts2023-08-15
Instruction No. 54 on Corporate Governance of Financial Institutions
The Central Bank of the Congo issued Instruction No. 54 to establish prudential corporate governance rules for financial institutions, including leasing, factoring, guarantee, payment, and specialized entities. The directive mandates a balanced deliberative body with independent directors, defines precise roles for executive and supervisory committees, and enforces strict independence, conflict-of-interest prevention, and proportionality principles. It further requires formalized risk appetite frameworks, documented governance charters, quarterly meetings with emergency protocols, and prior regulatory approval for board appointments to ensure sound management and stakeholder protection.
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