Definition of Key Personnel of the Governing body of a Credit Institution in Cameroon
- Executive Director: a director of the institution subject to these regulations who also holds a position on the executive body of said institution, one of its affiliated companies, or within the group to which that institution belongs;
- Non-Executive Director: a director of the institution subject to these regulations who does not hold a position on the executive body of said institution;
- Independent Director: a director of the institution subject to these regulations who has no other relationship of any kind with that institution, with the group to which it belongs, or with its management that could compromise the exercise of their independent judgment;
- General Meeting: meeting and decision-making and consultation body of the holders or owners of a portion or all of the capital, the social endowment, or the equivalent element of the social assets;
- Board of Directors: body responsible for overseeing, on behalf of the capital providers, the situation and management of the institution;
- General Management or Executive Body: all the persons who ensure the day-to-day management of the institution subject to the provisions of Article 18 of the Annex to the Convention of January 17, 1992.
The internal rules in force at each credit institution must clearly and unambiguously define the division of responsibilities at the head of the institution. This ensures a balance of power and authority, preventing the concentration of decision-making power in the hands of a single individual.
The roles of Chairman of the Board and Chief Executive Officer of a credit institution must not be held by the same person.
The internal rules define the distribution of responsibilities between the Chairman and the Chief Executive Officer.
The Chairman of the Board is responsible for the functioning of the Board, ensuring its effectiveness in all aspects of its duties.
The Chief Executive Officer is responsible for the day-to-day management of the credit institution and for providing the Board of Directors with adequate information.