Regulatory Alerts2014-01-01
Corporate Governance Requirements for Microfinance Institutions Directive 2014
The Registrar of Financial Institutions in Malawi issued this 2014 Directive to establish mandatory corporate governance standards for deposit-taking and prudentially regulated non-deposit microfinance institutions. The regulation mandates board composition with a majority of independent directors, requires the establishment of specialized audit and risk committees, and enforces strict fit-and-proper tests for senior management. It further standardizes financial reporting, internal and external audit procedures, ethics compliance, and enforcement mechanisms including monetary penalties to ensure sound institutional management.
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