Regulatory Alerts2023-09-04
RBNZ and FMA Governance Thematic Review report
The Reserve Bank of New Zealand and the Financial Markets Authority issued this joint thematic review to assess the governance frameworks of 29 regulated financial institutions. The regulators found that while some good practices exist, many entities lack robust processes for board succession planning, director capacity assessment, and independent performance evaluations. The report recommends that boards embed good practices into comprehensive governance frameworks, ensure rigorous succession planning, and maintain sufficient independence and diversity to support effective oversight and decision-making.
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