Banks Act, 1990 (Act No. 94 of 1990)RegulationsRegulations relating to BanksChapter III : Corporate Governance39. Process of corporate governanceSubregulation (17) to (20) |
| (17) | On an ongoing basis, the overall effectiveness of the processes relating to corporate governance, internal controls, risk management, capital management and capital adequacy shall be monitored, amongst other things, by the bank's board of directors. |
| (18) | The board of directors of a bank or a committee appointed by the board for such purpose— |
| (a) | shall at least once a year assess and document whether the processes relating to corporate governance, internal controls, risk management, capital management and capital adequacy implemented by the bank successfully achieve the objectives specified by the board; |
| (b) | shall at the request of the Registrar provide the Registrar with a copy of the report compiled by the board of directors or committee in respect of the adequacy of the processes relating to corporate governance, risk management, capital management and capital adequacy. |
| (19) | In addition to the reports referred to in regulations 40(4) and 46, the external auditors of a bank shall annually review the process followed by the board of directors in assessing the corporate governance arrangements, including the management of risk and capital, and the assessment of capital adequacy, and report to the Registrar whether any matters have come to their attention to suggest that they do not concur with the findings reported by the board of directors, provided that when the auditors do not concur with the findings of the board of directors, they shall provide reasons therefor. |
| (20) | The provisions of subregulations (1) to (19), insofar as they are relevant, shall mutatis mutandis apply to any controlling company. |