Parliament adopt an ammendment to the Law on Banks and Banking to (i) empower the CBA to identify ultimate beneficial owners, in the event of upward consolidation; (ii)define the separate duties and rights of shareholders, boards of directors, and executives of banks; (iii) require disclosure of potential conflicts of interest of board members; and (iv)require public disclosure of information on ownership and control of banks, including list of founders and copies of the company's statutes.
Conditions Source: FSAP