The objective of this Regulation is to establish the minimum acceptable standards for Banks’ approach to corporate governance, with a view to:

1. Ensuring the soundness of Banks; and
2. Contributing to financial stability and consumer protection.

The accompanying Standards supplement the Regulation to elaborate on the supervisory expectations of the Central Bank with respect to corporate governance for Banks.

The Bank's Board is in ultimate control of the Bank and accordingly ultimately responsible for the Bank’s corporate governance. There is no one-size-fits-all or single best solution. Accordingly, each Bank could meet some elements of the minimum requirements of the Regulation and Standards in a different way; the onus is on the Board to demonstrate to the Central Bank that it has implemented a comprehensive approach to corporate governance.¹ Banks are encouraged to adopt leading practices that exceed the minimum requirements of the Regulation and Standards.
 

¹The Central Bank will apply the principle of proportionality in the enforcement of the Regulation and Standards, whereby smaller Banks may demonstrate to the Central Bank that the objectives are met without necessarily addressing all of the specifics cited therein.