Regulatory Alerts2008-11-04
Appointment of Executive Management at Banking Institutions
The Bank of Namibia issued Circular BIA 2/08 to establish guidelines governing the appointment of executive management at all banking institutions. The regulation mandates that banks obtain prior written no-objection statements from the Bank based on fitness and propriety criteria before hiring executive candidates. Additionally, institutions must submit candidate curricula vitae at least one month in advance and immediately report any terminations due to misconduct.
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