Willemstad/Philipsburg – The Centrale Bank van Curaçao en Sint Maarten (CBCS) drafted a new corporate governance code (Code) for the financial sector. The objective of this Code is to clarify the roles and responsibilities of directors, supervisory directors, and (beneficial) shareholders. Furthermore, the Code provides further guidance in respect to the requirements for business households of financial sector institutions in line with the institutions’ nature, scope, and risk profile. Finally, the Code encourages corporate social responsibility and an ethical business culture. During the month of October, the CBCS is hosting several virtual presentations for the representative organizations, providing them with information on the background and details of the Code. The addressed representative organizations are given the opportunity to comment on the Code until and including November 22, after which the Code will be further detailed into a final document. It is anticipated that the Code will enter into force and will be applied as CBCS-policy and guideline in the first quarter of 2022, whereby 2022 will be regarded as transition year. Policy makers, such as directors and supervisory directors, should make use of this year to put the Code into practice in their organization. It is expected that the Code becomes effective as generally binding provision (“algemeen verbindend voorschrift”) by the end of 2022. Once effective, institutions should act in accordance with the Code.
