The Bank’s corporate governance policies and processes must ensure that timely and accurate disclosure is made on all material matters regarding the Bank, including the financial situation, performance, ownership, and governance of the Bank.
A Bank must publish an annual corporate governance-specific and comprehensive statement in a clearly identifiable section of its annual report. More frequent disclosure of corporate governance matters is encouraged.
A Bank must include in their corporate governance statement clear, comprehensive and timely information about their compensation practices to facilitate constructive engagement by all stakeholders. In particular, Banks must comply with the relating Pillar 3 disclosure requirements.
A Bank must include in their corporate governance statement details of transactions with related parties during the reporting period and the aggregate amount of all related party exposures at the end of the reporting period.
A Bank must include in their corporate governance statement an attestation signed by the chair of the Board (or in the case of a branch of a foreign Bank the Senior Management committee or equivalent), confirming that all internal policies required to ensure compliance with the Central Bank’s Regulations and Standards on corporate governance, risk management, internal controls, compliance, internal audit, financial reporting, external audit and outsourcing have been implemented and reviewed for adequacy by the Board within the last year. Otherwise, the attestation must specify those requirements not met and the date by which the Bank intends to comply fully.