Regulatory Alerts2019-09-03
Agreement No. 008-2019: Adding Article 11-A to Agreement No. 005-2011 on Corporate Governance
The Superintendence of Banks of Panama issued Agreement No. 008-2019 to amend its Corporate Governance framework by adding Article 11-A. This amendment mandates that banks designate at least 30% women to their Board of Directors in compliance with Law No. 56 of 2017 and Executive Decree No. 241-A of 2018. The regulation requires annual compliance reporting and excludes foreign bank branches and international license banks from this specific quota requirement.
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