Regulatory Alerts2016-06-03
G5/2016: Corporate Governance Principles for Banks
The South African Reserve Bank’s Office of the Registrar of Banks mandates that banks, controlling companies, and foreign branches integrate the Basel Committee on Banking Supervision’s corporate governance principles into their operational policies and risk management frameworks. Institutions must conduct a gap assessment against these international standards, formulate remediation plans for identified deficiencies, and ensure their governance structures reflect their specific risk profiles and business complexity. The regulator will incorporate compliance with these principles into its ongoing supervisory review process and requires the chief executive officer and independent auditors to formally acknowledge receipt of the guidance.
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