Regulatory Alerts2024-07-09
Prudential Standard No. 1 - Governance (For Banks Only)
The Central Bank of Solomon Islands issued Prudential Standard No. 1 to mandate that all licensed banks establish and maintain a sound corporate governance framework. The standard defines the specific roles, responsibilities, and composition of the Board of Directors and Senior Management, including requirements for risk appetite oversight and conflict of interest management. It further enforces these obligations through corrective measures for non-compliance and applies to both local and foreign-incorporated banks operating in Solomon Islands.
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