Regulatory Alerts2017-10-05 | 12689Board Members’ Succession Plan
The Governor of Bank Lebanon issued Basic Decision No. 12689 mandating all Lebanese banks to adopt and annually review a Board Members Succession Plan that aligns with the institution's strategic direction. The regulation requires boards to identify existing and required competencies, address competence gaps, and propose new independent members to the General Assembly upon term expiration or vacancy. Banks are granted a one-year compliance window from the decision's October 5, 2017 issuance date and must submit approved plans to the Banking Supervision Committee.
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