Regulatory Alerts2016-12-14
Added · Updated
Empowerment of Independent Non-Executive Directors in the Banking Industry in Hong Kong
The Hong Kong Monetary Authority issued this circular to provide guidance on empowering Independent Non-Executive Directors in the local banking sector following a study on corporate governance weaknesses. The document outlines the expected roles, practices, and qualification measures for INEDs, requiring Authorized Institutions to implement these standards within one year. Institutions facing compliance difficulties are instructed to consult with the HKMA to discuss potential flexibility in meeting specific requirements.
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