Regulatory Alerts2002-10-02
Added · Updated
Duties and Responsibilities of Directors
The Bank of Zambia mandates all commercial banks and financial institutions to submit an annual calendar of board meetings by January 31 and approved meeting minutes within 14 days of each session. This directive establishes a mandatory reporting framework designed to enhance regulatory oversight of institutional governance and board effectiveness. Compliance with these submission deadlines is required immediately to ensure continuous monitoring of corporate governance practices across the financial sector.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR – OPERATIONS
October 2, 2002
CB Circular No. 16/2002
To: All Commercial Banks and Financial Institutions
DUTIES AND RESPONSIBILITIES OF DIRECTORS
The Bank of Zambia hereby informs all Commercial Banks and Financial Institutions that with immediate effect every Bank and Financial Institution shall at the beginning of the year (but not later than 31 January) be required to submit to the Bank of Zambia a calendar of the institution’s Board meetings for that year.
In addition, every Bank and Financial Institution shall within a period of 14 days after holding a Board Meeting submit to the Bank of Zambia Minutes of the previous meeting(s) which were approved at the most recent meeting.
The provisions of this directive are intended to provide a mechanism for monitoring the effectiveness of board oversight on operations of the institutions.
Dr Abraham Mwenda
DEPUTY GOVERNOR - OPERATIONS
Bank Square, Cairo Road, PO Box 30080, Lusaka 10101, Zambia Tel: 260-1-226844, Fax: 260-1-237070, email: amwenda@boz.zm
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