Regulatory Alerts1998-06-29
Added · Updated
Determinations on the Appointment, Duties and Responsibilities of Directors and Principal Officers of Banking Institutions
The Bank of Namibia issued Determinations (BID-1) effective 1 July 1998 establishing rules for the appointment, duties, and responsibilities of directors and principal officers of banking institutions. The document requires boards to have at least five directors, including a minimum of two independent non-executive directors, and limits executive directors to a maximum of two, or three with prior consent. It mandates that directors and principal officers be "fit and proper," prohibits active politicians and interlocking directorships, and sets a 75% attendance requirement for non-executive directors. Additionally, the text includes Determinations (BID-2) requiring the classification of loans as non-performing after six months of arrears or dormancy, the suspension of interest on such loans, and the maintenance of provisions for bad and doubtful debts.
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