tool – a board charter acts as an induction tool for new directors and senior managers. standard key board documentation – it contains documentation templates for such things as the board meeting agenda and board paper format. having said this, i need to place a rider by stating that these charters that you will be examining this morning only set out minimum standards of what the boards are required to do. some institutions present here may already have charters which are more elaborate than the model charters. that is fine as you will not be required to downgrade your existing charters. but for those institutions which might not have any charters, it may well be useful to consider customising the model charters. if in adopting model charters, some of you find certain provisions too onerous, it may be necessary to consider a phased approach to their adoption. in this way, the process of adopting model charters will not place on an bis central bankers ’ speeches organisation undue difficulties. the model charters, it is hoped will act as guide for institutions to adopt elements that are applicable to their sub sector and industry and act as a benchmark, for you, and for assessing board and management and for assisting the oversight function by regulatory supervisors., such as ourselves. i expect that individual institutions requiring further advice will continue to engage us, as well as the consultants, to ensure that they extract maximum benefit from the work that has gone into this phase of the fsdp. i thank you all and wish you fruitful deliberations. bis central bankers ’ speeches

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