The National Bank of Ukraine (NBU) has developed and sent to banks Methodical recommendations for corporate governance.
The main objective of the document is to enhance corporate governance in the banking sector of Ukraine taking into account the adopted legislative amendments*, recommendations of the Basel Committee on Banking Supervision on corporate governance, and best international practices.
The document contains recommendations on corporate governance issues, in particular regarding:
- the bank’s board responsibility, functions, composition, and rules of procedure procedure, its collective suitability
- formation, composition, powers and rules of procedure of the bank`s board committees
- the role of the bank in ensuring the effective functioning of the internal control system
- the introduction of an effective remuneration policy that will encourage employees to act in the interests of the bank and avoid excessive risks
- information about corporate governance disclosed by the bank.
The respective recommendations are approved by decision of the NBU Board No. 814-D dated 3 December 2018 On Approval of Methodological Recommendations on the Organization of Corporate Governance in Banks of Ukraine, which entered into force on 3 December 2018.
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