Regulatory Alerts2020-06-22
Added · Updated
Bank of Ghana Fit and Proper Persons Directive
The Directive establishes assessment criteria for the fitness and propriety of significant shareholders, directors, and key management personnel in banks, savings and loans companies, finance houses, and financial holding companies. It mandates prior and ongoing annual assessments based on financial integrity, reputation, qualifications, experience, conflicts of interest, and time commitment. Specific experience thresholds are set at fifteen years for Board Chairs, ten years for Managing Directors or Chief Executive Officers, and seven years for other executive directors, non-executive directors, and key management personnel. Significant shareholders are defined as those holding five percent or more of capital or voting rights, and the Bank of Ghana retains powers to approve, remove, or declare individuals unfit based on these standards.
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