To: All Licensed Banks (LBs) and Financial Institutions (FIs)

Subject: Corporate Governance Compliance Disclosure

As you are aware, disclosure of compliance with the CBO Circular BM 932 in the Annual Report of your organization or anywhere else is not mandatory while such disclosure in the case of CMA’s code on the subject is mandatory.

Some of the banks made queries as to whether the CBO would have any objection if such a disclosure is voluntarily made. We hereby clarify unequivocally that public disclosure of compliance with CBO Circular BM 932 or otherwise continues to be not mandatory. However, should any organisation volunteer to make such a disclosure, it is required to apply for the CBO’s prior permission to do so.

While applying for the CBO’s permission for the aforesaid purpose you are required to forward the text of the compliance disclosure proposed to be published by you.