Regulatory Alerts2003-05-06
Added
NAMFISA Circular 1 of 2003: Corporate Governance
NAMFISA Circular 1 of 2003 establishes corporate governance guidelines for companies, funds, trusts, and other entities regulated by the authority, referencing the King II Report. The document mandates board responsibilities including policy determination, risk identification, and compliance, while requiring specific board composition with independent non-executive directors and a separation of chairperson and chief executive officer roles. It defines executive, non-executive, and independent director categories, outlines director liabilities for losses or criminal offenses, and requires declarations of interest and share dealings in annual reports.
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