Regulatory Alerts2022-12-16
Determination on the Appointment, Duties and Responsibilities of Directors, Principal Officers, and Executive Officers of Banking Institutions and Controlling Companies
The Bank of Namibia has issued Determination BID-1 to regulate the appointment, duties, and responsibilities of directors, principal officers, and executive officers across all Namibian banking institutions and controlling companies. The determination mandates a formal nomination process, requiring written notice thirty days prior to appointment alongside comprehensive documentation and a rigorous fit-and-proper assessment conducted by the Bank. It establishes strict eligibility criteria, including integrity checks, conflict-of-interest restrictions, board attendance requirements, and specific qualifications for principal officers to ensure sound corporate governance.
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