Regulatory Alerts2024-09-24
Added · Updated
DFIM Circular Letter No. 27: Participation in Board of Directors and Support Committee meetings virtually
This circular withdraws Circular Letter No. 08 of May 15, 2023, which had permitted hybrid meetings for cost and energy savings. It now advises that meetings of the Board of Directors and Support Committees of finance companies be held in person to ensure active director participation and uninterrupted operations. However, foreign directors of finance companies that are not 100% domestically owned are permitted to participate in these meetings virtually. These instructions are issued under Section 41 of the Finance Company Act, 2023, and take effect immediately.
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