Industry stakeholders in the financial services sector have just under two weeks to submit comments to the Financial Services Commission (FSC) on its Consultation Paper on Corporate Governance that was issued on Friday, October 22.
The comments should be submitted to https://bit.ly/3Smn4aw by Monday, November 14.
The FSC issued the Consultation Paper to its regulated licensees and registrants for comment in keeping with the need for strong corporate governance as a key requirement to ensuring financial institutions are able to achieve their objectives in a manner that preserves or promotes confidence in the financial institutions.
The detailed document sets out the minimum standards of corporate governance required to be observed and implemented by Boards of Directors and senior management of financial institutions regulated by the Commission.
According to Acting Chief Executive Officer, Rosina Knight: “These guidelines are intended to ensure that financial institutions develop and implement clear policies, procedures and systems to guide the management of governance, risk and the behaviour and conduct of all Directors, senior management, officers and other key personnel.”
Industry stakeholders can expect to see more guidelines released soon in the areas of fitness and propriety, and cyber and technology risks.
For credit union queries, persons may email the Manager, Credit Unions at creditunions@fsc.gov.bb; insurance queries may be directed to the Manager, Insurance at insurance@fsc.gov.bb and the Manager, Securities at securities@fsc.gov.bb for all queries on securities. Further information on the Consultation Paper may be obtained by calling 421-2142 or on the FSC’s website.