Regulatory Alerts2025-09-24
NBFIRA Capital Markets Sector Corporate Governance Rules 2023
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has issued these rules to establish comprehensive corporate governance standards for all Non-Bank Financial Institutions operating within Botswana’s Capital Markets Sector. The regulations mandate balanced board composition with independent non-executive directors, enforce strict ethical leadership and risk governance frameworks, and require robust internal controls, audit committees, and transparent financial reporting. Entities must implement structured board evaluations, limit independent director tenure to nine years, maintain comprehensive records, and apply group-wide governance supervision where applicable.
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