Regulatory Alerts2018-01-01
Corporate Governance Requirements for Development Finance Institutions Directive 2018
Issued by the Registrar of Financial Institutions in Malawi, this Directive establishes minimum corporate governance standards for development finance institutions. It mandates specific shareholder obligations, board composition rules requiring a minimum of nine directors with independent leadership, strict fit-and-proper eligibility criteria for directors and senior management, and the establishment of key oversight committees. The Directive further enforces compliance through mandatory call reports, audited financial statements, record-keeping standards, and monetary penalties of up to K50 million for institutions or K10 million for individuals.
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