Regulatory Alerts2019-06-18
Added · Updated
Insurance Corporate Governance Directives No.SIB/48/2019 (1st Replacement)
The National Bank of Ethiopia mandates that insurers operating in Ethiopia maintain a board of at least nine directors, including a specified proportion of non-influential shareholders based on capital ownership thresholds. The directives require the establishment of a Nomination and Election Committee composed of at least five independent members, with specific rules for candidate shortlisting, transparency, and voting limits capped at 10% of total subscribed capital. Board members are subject to a maximum six-year consecutive term limit, mandatory annual training, and a 75% attendance requirement, with appointments requiring National Bank approval within 15 working days.
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