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ICURN Issues New Guiding Principles Document
Friday, April 19, 2013 6:55 AM

The International Credit Union Regulators' Network (ICURN) this week issued a new guiding principles document entitled Enhancing Governance of Cooperative Financial Institutions at the ICURN Annual Conference in San Diego. The ICURN guidance incorporates 17 elements considered desirable in facilitating effective governance of cooperative financial institutions, including credit unions and savings and credit cooperative organizations.

These elements include:

  • Directors' responsibilities and minimum qualifications
  • Oversight of senior management
  • Senior managers' roles in maintaining safe and sound institutions
  • Effective internal controls
  • Compensation
  • Transparency and disclosure to members
  • The role of regulators in monitoring cooperatives' corporate governance and taking remedial action when appropriate

The new guiding principles document builds on prior ICURN guidance on cooperative financial institutions supervision. In September 2011, ICURN issued Guiding Principles for Effective Prudential Supervision of Cooperative Financial Institutions, which incorporated 21 principles conducive to developing an effective supervisory system for financial cooperatives.

At this year's ICURN Annual Conference, 48 regulators from 23 countries in Africa, Asia, North America, Latin America, Caribbean, Europe and Oceania participated.