Peru's Superintendency of Banking, Insurance and Private Pension Funds asks Congress to return municipal savings and credit banks directors bill to committees

Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) asked the President of Congress, Eduardo Salhuana Cavides, to send a bill on new provisions for board directors at municipal savings and credit banks (CMAC) back to committee for renewed assessment, warning it could weaken corporate governance at supervised entities. The SBS also noted the bill reached the plenary without the authority having issued a prior opinion, despite addressing matters within its supervisory remit. The SBS underscored that the General Law of the Financial System and existing SBS rules already require directors to meet technical and moral fitness standards and not fall under statutory disqualifications. It argued that allowing former senior public officials, including those who have served on the leadership of specialised public-sector commissions, to sit on CMAC boards does not in itself ensure compliance with fitness requirements or absence of disqualifying conditions. The SBS also opposed assigning the National Confederation of Merchants (Conaco) responsibility for selecting the small traders and producers representative on CMAC boards, stating this role should rest with a public-law entity capable of ensuring an election process based on defined technical criteria, while acknowledging there are aspects to improve in the current selection procedure. It further cautioned that limiting a CMAC board chair to one year, with re-election only for two consecutive terms, could undermine strategic continuity and long-term business objectives at each institution.