8 December 2021, Wednesday, 10:06
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National Bank of Belarus Requires Employees of Other Banks to Work for Free

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National Bank of Belarus Requires Employees of Other Banks to Work for Free

What does it mean?

The National Bank requires employees of other banks to work for free. From directors to ordinary employees, this is called "Effective Corporate Governance."

Although, these concerns work not in the bank itself but other organizations, InfoBank.by writes.

Thus, the National Bank sent a letter to banks on October 22 “On corporate governance in banks”.

We inform you that on October 13, 2021, the Board of the National Bank made a decision on the need to improve the organization of corporate governance in banks.

In accordance with part two of Article 109 1 of the Banking Code of the Republic of Belarus, the management bodies of the bank are obliged to organize effective corporate governance of the bank, corresponding to the nature and volume of banking operations and other activities and ensuring its financial reliability.

In order to improve the organization of corporate governance, the National Bank recommends that banks, non-bank credit, financial institutions, and JSC Development Bank of the Republic of Belarus (hereinafter referred to as banks) take the necessary measures, including providing in their local legal acts a provision stating that participation of

the head,

the chief accountant of the bank,

their deputies,

members of the collegial executive body of the bank,

heads of separate and structural divisions of the bank,

other bank employees,

holding executive positions in the management bodies of other organizations is carried out in compliance with the requirements of banking legislation without payment of remuneration for the performance of the relevant functions.

The National Bank demands to report on what measures have been taken in this direction by December 15, 2021.