Regulatory Alerts2023-01-01
Bank of Jamaica Corporate Governance: Board Oversight
The Bank of Jamaica issues this guidance to mandate that Deposit-Taking Institution boards exercise rigorous oversight to protect stakeholder confidence and ensure financial stability. The document requires boards to maintain sufficient expertise, implement robust risk governance frameworks, and enforce strict controls over conflicts of interest, corporate culture, and compensation policies. It further stipulates that boards must ensure transparent reporting mechanisms and conduct regular self-assessments to evaluate their own effectiveness and compliance with fit and proper standards.
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