Regulatory Alerts2023-04-03
Added · Updated
Instructions of Corporate Governance for Banks No. 2/2023
The Central Bank of Jordan issued these instructions to establish comprehensive corporate governance standards for all banks and Islamic banks operating in the Kingdom. The document mandates specific board compositions, requiring at least eleven members with a minimum of four independent directors, and defines strict fit and proper criteria for board and senior executive appointments. It outlines detailed obligations for board tasks, risk management, internal controls, and Sharia compliance, while specifying exemptions for foreign bank branches regarding certain articles. The instructions entered into force on their issuance date of 14 February 2023.
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