Regulatory Alerts2020-09-18
Determination on the Appointment, Duties and Responsibilities of Directors, Principal Officers, and Executive Officers of Banking Institutions and Controlling Companies
The Bank of Namibia issued Determination No. BID-1 to mandate fit and proper appointment, duties, and responsibilities for directors, principal officers, and executive officers across all authorized banking institutions and controlling companies. The regulation requires a thirty-day prior written notice for nominations, followed by a comprehensive fit and proper test evaluating probity, competence, financial standing, and criminal history, alongside mandatory interviews for key roles. It establishes strict eligibility criteria, including limits on simultaneous board memberships, cooling-off periods for politically exposed persons, restrictions on alternate and service-provider directors, and ongoing supervisory oversight aligned with the Namibian Corporate Governance Code.