23.08.2022
This month, the MFSA has launched a Corporate Governance Code for MFSA authorised entities. The purpose of this code is to enhance the governance, culture, and conduct of MFSA authorised entities and it provides a list of guiding principles. These principles complement the legal, institutional and regulatory frameworks already in force.
In one recent article which we published on our blog, What is corporate governance, we explain in detail what corporate governance is and why it has become important in the most recent years due to an ever evolving business world.
Taken from the recent press release issued by MFSA, the following are the highlights of the code:
- Sets out best practice in corporate governance for entities falling within the MFSA’s regulatory remit, by enhancing the legal, institutional, and regulatory framework;
- Enhances governance structures, improve relations, and strengthen trust with stakeholders;
- Ensures effective operation of authorised entities’ boards and management;
- Assist directors and senior management to fulfill their duties;
- Ensures that authorised entities have adequate and effective internal controls, and procedures to discharge their responsibilities and monitor outcomes;
- Enhance stakeholder and public confidence in the financial services sector in general;
- Assist entities to put in place improved governance standards to achieve enhanced resilience and sustainable operations going forward, as well as ensuring ethical behaviour.
The Corporate Governance Code for MFSA Authorised Entities is of utmost importance in guiding companies in the right directions to achieve a better corporate governance. As an administration services, corporate services, and accounting firm, we always highlight the following requirements when a newco is formed, as part of good corporate governance:
- Clear and up to date corporate structure in place;
- All board of directors meeting minutes to be recorded;
- All necessary resolutions are filed properly;
- Holding the annual general meeting (a compliance of a Malta-registered company);
- All statutory requirements are carried out and submitted to the respective departments: VAT, tax, and the Malta Business Registry.
Fairwinds Management can assist your company with company administration services such as drafting board resolutions, preparation of minutes from the board of directors meeting, submission of documents to the Malta Business Registry and more. For more information, please contact our Director Ms Joceline Caruana on jcaruana@fairwindsmanagement.net.
