introduction of a regulatory framework for the introduction of a credit reference bureau ; ( v ) development and issuance of anti money laundering guidelines and the establishment of a financial intelligence unit ; bis central bankers ’ speeches ( vi ) development and issuance of the corporate governance guidelines by the regulators ; and, ( vii ) strengthening the autonomy and enhancing the supervisory capacities of the three financial sector regulatory authorities. through the fsdp, the boz is also working with stakeholders like the institute of directors ( iod ) in enhancing corporate governance among various stakeholders within the financial sector. under the first phase of the fsdp, iod conducted seminars on core principles of corporate governance targeted at executives and senior officials in the financial and business sector. in addition, the iod provided input into the corporate governance model board charter which has been developed with technical expertise from mtn special engagements led by ms mary ncube. the outcome of this work is what will be presented to you today. the presentation will focus on the significant position that boards of directors occupy in the whole corporate governance process and how their role, functions and operations may be reduced into a charter that might guide their work., including ; powers, functions and delegations of the board ; board composition and mix – and the challenge in state - owned institutions ; the chairperson and ceo – and whether they should be different persons and why ; rights and duties of directors – and that ultimately the buck stops here ; the role of the board secretary – and how they can help drive the right agenda ; disclosure of conflict of interest and the challenge of ethical standards ; members ’ remuneration and expenses – and what is morally right? corporate social responsibility ; and, evaluation of the board ’ s performance, etc. but why do we need a board charter one may be tempted to ask? i think it is correct to say that second only to the articles of association, a board charter is probably the most important corporate governance policy document which defines the respective roles, responsibilities and authorities of the board and management in setting the direction, the management and control of an organisation. it is a document that is useful to both old and new directors, particularly those who may not be familiar with how a company conducts its business and what is expected of them as directors. in this respect, the charter serves the following functions among many ; one - source reference – a board charter is a one - source document which clearly sets out how the board and directors are to perform their roles. as an induction

caleb m fundanga : innovation for leadership excellency remarks by dr caleb m fundanga, governor of the bank of zambia, at the eastern and southern african management institute ( esami ) launch of mba alumni zambia chapter, lusaka, 12 february 2010. * * * the eastern and southern african management institute ( esami ) director general, prof. bonnard mwape ; the president, esami mba alumni zambia chapter, mr. christopher mulenga ; the ecobank zambia limited managing director, mrs charity lumpa ; esami alumni ; distinguished invited guests ; members of the press ; ladies and gentlemen. it is a great pleasure for me to officiate at the launch of the esami mba alumni zambia chapter. i wish to take this opportunity to welcome prof. bonnard mwape and other esami staff that have travelled from arusha to come and witness this important occasion. i am particularly delighted to be part of this launch because my first interaction with the esami mba alumni members was during the recent summer school event held in arusha, tanzania, where i was invited to present a paper on “ the effects of the global economic crisis on zambia ”. indeed my memories of that lively interaction are still very fresh and that is why i graciously accepted to officiate at this function when i received the invitation from the president of the association. ladies and gentlemen allow me to congratulate the president and his team for this excellent initiative of bringing together individuals with a common academic background under the alumni umbrella. i am informed that one of the objectives of the association is to utilise the acquired scholarly knowledge and experience to add value to society through leadership in various projects and initiatives. i know that alumni associations world over have existed for centuries and most of them have one basic principle, that of benefiting members wherever they may be and for free. however i am told that your association other than just carryout activities for the benefit of members will go a step further to do benevolent activities for the benefit of society at large. this is commendable and i am looking forward to see what initiatives you have outlined to advance welfare in our society. mr president, the theme for this launch this evening “ innovation for leadership excellency ” is indeed very timely and appropriate to the norms and beliefs that i am told your association espouses. it is innovations such as yours that gives us the comfort that you are indeed giving back to society following the huge resources that were invested in