Regulatory Alerts2024-12-10
Added · Updated
Addendum to Instruction No. 54 on Corporate Governance of Financial Institutions
This addendum amends Instruction No. 54 by setting the term for independent directors at three years renewable once and non-executive directors at six years renewable. It establishes a five-year, once-renewable term for executive committee members, subject to performance evaluation, and imposes a six-month cooling-off period before they can serve in other financial institutions. The document prohibits directors and executives from holding positions in other credit institutions or financial societies during the remaining term of an interrupted mandate or for life if revoked for gross misconduct, while restricting politically exposed persons from holding such roles for 36 months after their status ceases. These changes apply to financial institutions regulated by the Central Bank of the Congo and take effect upon signature on December 10, 2024.
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