Regulatory Alerts2024-07-02 | CBE2.3Added · Updated
CBE Regulation Book 2.3 - Bank Governance Instructions New Updates June 2024
The Central Bank of Egypt updates Bank Governance Instructions to require banks to establish a dedicated governance unit, appoint a non-executive chairman with specific competencies, and ensure board independence through strict composition rules including a minimum of three independent directors and a maximum six-month tenure. The regulations mandate the formation of specialized committees—Executive, Audit, Risk, and Remuneration & Awards—with defined membership criteria and responsibilities, while also introducing requirements for board evaluation, professional development, and the use of secure communication channels for meetings.
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