Bank of Zambia Circular 07/1997: Directors' Questionnaire and Declaration

Tel. 228888/228903-20
30 December 1997
CB Circular No.7/97

To : All Commercial Banks and Financial Institutions
Dear Sirs

DIRECTORS' QUESTIONNAIRE AND DECLARATION

The Banking and Financial Services Act, of 1994, requires that a bank's board members and management are suitable for the positions held, at all times. The directors' fitness and propriety underlies their experience, knowledge and good repute. As we approach the year end, directors' retirements and re-appointments will undoubtedly take effect.

In this connection therefore, the Bank of Zambia has decided to effect its revised assessment methodology for suitability of bank directors. Principally, this requires that all current and prospective directors at your bank fill in the attached questionnaire and submit it duly completed, through yourselves, to the Financial System Supervision of the Bank of Zambia not later than 31 January 1998. Any objections to appointments shall be communicated in writing by the Bank of Zambia.

Furthermore, in accordance with section 35(3) of the Banking and Financial Services Act 1994 (Disclosure of Interest), it is a requirement that a general notice is furnished to the board of directors by a director or officer, disclosing the names and addresses of his associates together with reasonably full particulars of every material commercial, financial, agricultural, industrial or other business or family interest that he has at the time, and stating that he is to be regarded as having a material interest in any contract between the bank or and any person named in the disclosure. We anticipate your utmost corporation in this connection.

Should you require any further clarification on any of the above, do not hesitate to contact the undersigned on the above address.

Yours sincerely

Dr Abraham Mwenda
DEPUTY GOVERNOR - OPERATIONS

BANK OF ZAMBIA
P.O. Box 30080 Lusaka
10101