Regulatory Alerts2017-01-01
Notice No. 6/2017 of September 7 – Regarding the Corporate Governance Code for Financial Institutions
The Bank of Cabo Verde issued Notice No. 6/2017 to implement a recommendatory Corporate Governance Code that requires financial institutions to establish structured executive and non-executive administration, independent oversight bodies, and robust internal control and remuneration frameworks. Operating under a "comply or explain" principle, the Code mandates annual governance reporting and gender balance targets by 2020 while permitting institutions to justify alternative practices that achieve equivalent risk mitigation. It standardizes executive compensation deferral, whistleblowing protections, and risk management assessments to align institutional operations with international best practices without imposing rigid compliance.
Share