Regulatory Alerts2024-12-10
Added · Updated
Addendum to Instruction No. 21, Modification No. 2 of 04 July 2023 on Corporate Governance of Credit Institutions
The Central Bank of the Congo amends Instruction No. 21 to set the term of independent directors at three years renewable once and non-executive directors at six years renewable. It restricts the ability of credit institutions to terminate the mandates of governing body members except for specific causes such as death, gross misconduct, sick leave, or becoming a politically exposed person. The regulation imposes a six-month cooling-off period for executive members moving between institutions, prohibits them from sharing sensitive information, and bars those dismissed for gross misconduct from holding other functions in credit institutions. Additionally, politically exposed persons are barred from serving as administrators or executive members for thirty-six months after ceasing their politically exposed status.
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