Regulatory Alerts2020-03-10
Frequently Asked Questions Regarding the Corporate Governance Manual for Banks
The Central Bank of Iraq issued this frequently asked questions list to clarify corporate governance requirements for banking sector boards and staff. It mandates that independent board members alone may hold credit up to 5% of bank capital, requires principal shareholding calculations between a defined minimum and maximum threshold, and restricts the Company Secretary position to dedicated non-board appointees. Additionally, it clarifies that Sharia Supervision Board independence extends beyond executive management to include non-independent board members, ensuring alignment with international best practices.
Share