Board Self-Assessments under BVI Law: Gold Leaf’s Upgraded Self-Assessment Tool for Boards
Under section 30(2)(h) of the British Virgin Islands (“BVI”) Regulatory Code (“Code”), the Board of Directors (“Board”) is required to conduct a self-assessment of its effectiveness in fulfilling the responsibilities mandated under the Code. This self-assessment must be documented and included in the licensee’s records, as it may be requested by the BVI Financial Services Commission during on-site or off-site inspections.
In addition to being a BVI regulatory requirement, the Board self-assessment process is an important instrument that the Board should use to assess and ensure ongoing compliance with BVI regulatory standards. A well-structured self-assessment can help the Board identify areas of non-compliance and those needing improvement. By pinpointing these areas, the Board can better ensure that a proper remediation plan is developed, and corrective actions are effectively implemented.
Gold Leaf has recently upgraded its Board self-assessment tool, making it more user-friendly and interactive. This tool comprehensively covers all the Board’s responsibilities under the Code and related legislation, with questions designed to facilitate a thorough and straightforward self-assessment process.
Don’t leave your company’s compliance to chance!
To learn more about Gold Leaf’s Board Self-Assessment tool, contact us today!
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