State Bank restricts Chairman/Board from appointing an advisor in its recent circular

By MG News | April 24, 2019 at 12:59 PM GMT+05:00

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April 24, 2019 (MLN): A recent circular issued by the State Bank of Pakistan has specified certain changes to Section – C of Prudential Regulations G-1 regarding Management, as per which the Chairman/Board shall not appoint an `Advisor’ in any capacity.

Accordingly, the Central Bank in its notice advised all Banks/DFIs to ensure appropriate skill mix of the Board keeping in view the overall risk profile of the institution.

“All banks/DFIs are advised to ensure compliance within six months of the date of issuance of the circular letter. After which, the non-compliance shall attract punitive action under relevant provisions of the Banking Companies Ordinance, 1962” it added.

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