Regulatory Alerts2024-09-01
Added · Updated
Circular No. 21/2018 on Corporate Governance in Credit Institutions
The Banque de la République du Burundi establishes minimum prudential rules for corporate governance in credit institutions, defining key terms such as reference and qualified shareholders, related parties, and independent directors. The circular mandates that credit institutions implement governance structures adapted to their risk profile, size, and complexity, including specific obligations for the General Meeting of Shareholders and the Board of Directors. It sets strict requirements for board composition, including a minimum of five non-executive members with at least two independent directors, and prohibits conflicts of interest, abuse of power, and the cumulation of certain functions. Sanctions for non-compliance include the suspension of voting rights and the potential withdrawal of shareholder status in the banking sector.
More like this from BRB
We email you every new BRB publication the day it's published.