The State Bank of Pakistan has made it mandatory for company secretaries of banks and development financial institutions (DFIs) to provide their respective board members the extracts from the relevant laws, rules and regulations regarding their powers, duties and responsibilities.
The board members are also to be kept updated of any revisions or amendments. The State Bank issued these instructions in an effort to ensure that all directors of banks and DFIs are well-acquainted with applicable laws and regulations regarding corporate and commercial banking. “The above mentioned instructions shall come into force with immediate effect,” the regulator said.
The banks and DFIs have been advised to communicate contents of this circular to all their board members, says BPRD Circular Letter No.13 of 2011 issued by the SBP.
