Regulatory Alerts2017-04-05
Added · Updated
Determination on the Appointment, Duties and Responsibilities of Directors, Principal Officers, and Executive Officers of Banking Institutions and Controlling Companies (BID-1)
The Bank of Namibia issues Determination BID-1, effective 1 February 2017, establishing requirements for the appointment, duties, and responsibilities of directors, principal officers, and executive officers of banking institutions and controlling companies in Namibia. The Determination mandates a 30-day prior written notice for appointments, requires the Bank to conduct a fit and proper test, and prohibits the appointment of active politicians, practicing lawyers or accountants with conflicts of interest, and persons with specific criminal or insolvency histories. It further stipulates that boards must have at least five directors, meet quarterly, establish Audit and Risk Management Committees, and maintain an independent internal audit function reporting to the Audit Committee.
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