Regulatory Alerts2024-11-04
Recommendations on Corporate Governance Standards in Banks
The Central Bank of the Republic of Azerbaijan issues these recommendations to align bank corporate governance frameworks with international standards and enhance sector stability. The document mandates specific Supervisory Board compositions, requiring independent chairpersons or lead independent members, diverse age and gender representation, and targeted professional expertise. Banks must implement annual self-assessments, triennial external evaluations, strict Audit Committee and compliance oversight rules, and transparent data publication covering remuneration structures.
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