Regulatory Alerts2017-02-07
Meetings to be Held During 2017 with Boards of Directors of Banks and Controlling Companies
The South African Reserve Bank’s Office of the Registrar of Banks requires all banks, foreign branches, and controlling companies to conduct 2017 board meetings focused on two priority topics. Boards must deliver approximately 45-minute presentations on progress implementing the Basel Committee’s risk data aggregation principles and South Africa’s King IV corporate governance framework, submitting copies at least three weeks before each meeting. The guidance mandates that capital and risk management subcommittee chairs present compliance status, governance investments, and audit involvement for the former topic, while boards must outline King IV compliance gaps and implementation timelines.
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