Press Room

PTY: Superintendence of Banks updates provisions on Corporate Governance

August, 2019

On August 13th, 2019, the Superintendence of Banks of Panama issued Agreement 008-2019, by means of which the provisions on Corporate Governance are updated, hereinafter the Agreement.

The Agreement establishes that the general license Banks must designate at least 30% of women in all the positions of directors of the Board of Directors, taking into consideration their professional experience, trajectory, merits and other characteristics established by their policies and manuals of corporate governance.

The Superintendence of Banks is empowered to apply compliance questionnaires to the general license Banks, which must submit the corresponding information annually, in accordance with the guidelines established by the Superintendence of Banks.

The provisions of the Agreement apply only to General License Banks. Consequently, they are not applicable to branches of foreign banks and/or Banks with international license.

Written by: 

María Cristina Fábrega de Duque

Partner

maria.fabrega@ariaslaw.com

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