Regulatory Alerts2021-11-10
Added · Updated
Matters to be Included in Code of Conduct
The Namibia Financial Institutions Supervisory Authority issued Standard No. RF.S.5.20 to mandate specific governance duties that retirement fund boards must incorporate into their codes of conduct and fund rules. The standard outlines ten binding obligations, including active engagement, prudence, independence, conflict avoidance, efficiency, performance monitoring, service provider accountability, and strict compliance with applicable legislation. By codifying these requirements under the Financial Institutions and Markets Act, 2021, the regulation ensures board members exercise rigorous oversight, challenge service provider advice, and safeguard fund assets against excessive costs and operational risks.
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