Regulatory Alerts2023-07-05
Governance of Credit Union - Practice Guidance Note 3
The Office of the Registrar of Credit Union in the Solomon Islands issued Practice Guidance Note 3 to mandate minimum governance standards for all regulated credit unions. The guidance requires boards and management to implement robust internal frameworks, ensuring directors are fit and proper while establishing clear roles for committees, risk management, and business continuity. It further stipulates strict compliance with fiduciary duties, conflict of interest protocols, and external audit procedures to safeguard member interests and maintain industry stability.
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