The objective of this Regulation is to establish the minimum acceptable standards for Companies' approach to Corporate Governance, with a view to:

 

The accompanying Standards supplement the Regulation to elaborate on the supervisory expectations of the Central Bank with respect to Corporate Governance for Companies.

 

The Company's Board is in control of the Company and accordingly ultimately responsible for the Company's Corporate Governance. Since each Company may comply with elements of the minimum requirements of the Regulation and Standards in a different way, the onus is on the Board to demonstrate to the Central Bank that it has implemented a comprehensive approach to Corporate Governance and has met the requirements of the Regulation and Standards. Companies are encouraged to adopt leading practices that exceed the minimum requirements of the Regulation and Standards.