Adopt amendments to the Financial Institutions (Corporate Governance) Regulations, in line with the principles provided in the Basel Committee on Banking Supervision's guidelines on corporate governance.
The Consolidated Corporate
Governance Guidelines were
issued to the sector for the
implementation in January
2023. BOU extended the
implementation timelines to
December 2023 to allow for:
• Onboarding of
Independent Non-Executive
Directors (INEDS) to ensure
that all Board committees
are chaired by INEDs.
• Bringing back in house the
Company Secretary role
and function in Supervised
Financial Institutions
(especially for Tier I).