Opinion No. 001-05-2010 on the Term of Office of Statutory Auditors of Credit Institutions in the UMOA

In accordance with the provisions of Article 51, paragraph 6, of the law on banking regulation, statutory auditors are appointed by the Ordinary General Meeting for a term of three (03) years, renewable. This opinion specifies the conditions for implementing these provisions.

1. Statutory auditors, both permanent and alternate, whose term has not expired by April 1, 2010, the date of entry into force of the UMOA and BCEAO institutional reform, continue to exercise their functions in accordance with the prevailing contractual conditions.
2. Effective April 1, 2010, the appointment and, where applicable, the renewal of statutory auditors are carried out in accordance with the provisions of the aforementioned law.
   Done at Dakar, May 10, 2010
   The Governor
   Philippe-Henri DACOURY-TABLEY
   Avenue Abdoulaye FADIGA
   P.O. Box 3108 – Dakar – Senegal
   Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 www.bceao.int OPINION NO. 001-05-2010 ON THE TERM OF OFFICE OF STATUTORY AUDITORS OF CREDIT INSTITUTIONS IN THE WEST AFRICAN MONETARY UNION (UMOA)