Regulatory Alerts2010-07-31
Added · Updated
Instruction No. 21 on Corporate Governance in Credit Institutions
The Central Bank of the Congo establishes corporate governance best practices for banks, specialized financial institutions, financial companies, and savings banks. The instruction mandates specific compositions for governing bodies, requiring at least two independent directors on the board, separation of the Chairman and Management Committee roles, and the establishment of specialized committees such as an audit committee. It imposes obligations regarding conflict of interest prevention, group-level governance structures, and requires entities to submit a governance memorandum upon implementation by July 31, 2010.
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