HC-8 HC-8 Corporate Governance Disclosure
HC-8.1 HC-8.1 Principle
HC-8.1.1
The
Islamic bank licensee must disclose its corporate governance.October 2010HC-8.2 HC-8.2 Disclosure Under the Company Law and CBB Requirements
HC-8.2.1
In each
Islamic bank licensee :(a) The Board must adopt written corporate governance guidelines covering the matters stated in this Module and Module PD and other corporate governance matters deemed appropriate by the Board. Such guidelines must include or refer to the principles and rules of Module HC;(b) TheIslamic bank licensee must publish the guidelines on its website;(c) At each annual shareholders' meeting the Board must report on theIslamic bank licensee's compliance with its guidelines and Module HC, and explain the extent if any to which it has varied them or believes that any variance or noncompliance was justified; and(d) At each annual shareholders' meeting the Board must also report on further items listed in Module PD. Such information should be maintained on theIslamic bank licensee's website or held at theIslamic bank licensee's premises on behalf of the shareholders.Amended: April 2017
October 2010HC-8.2.2
The CBB may issue a template as a guide for an
Islamic bank licensee's annual meeting corporate governance discussion.October 2010Board's Responsibility for Disclosure
HC-8.2.3
The Board must oversee the process of disclosure and communications with internal and external stakeholders. The Board must ensure that disclosures made by the bank are fair, transparent, comprehensive and timely and reflect the character of the bank and the nature, complexity and risks inherent in the bank's business activities. Disclosure policies must be reviewed for compliance with the Central Bank's disclosure requirements (see Chapter PD-1).
October 2010
