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030410
STATE BANK OF PAKISTAN BANKING SUPERVISION DEPARTMENT KARACHI
BSD Circular Letter
No.6
April 10, 2003
The Presidents/Chief Executives
All Banks/ DFIs
Dear Sirs/Madam,
MINUTES OF THE BOARD OF DIRECTORS’ MEETINGS
In terms of Para 2(vi)
of Prudential Regulation No. XXIX regarding “Responsibilities of Board of
Directors” issued vide BSD Circular No.15 dated the 13th June, 2002, the
banks/DFIs are, interlaid, required to record detailed minutes of the meetings
of their Board of Directors so that the deliberations and contributions of the
Board can be properly evaluated by the external auditors and the regulators.
It has been observed that some of the banks/DFIs are not meticulously observing
the above requirement of recording detailed minutes of the meetings of the Board
of Directors. In the absence of detailed minutes, the role played by the Board
in policy formulation and its contribution in institutional strengthening cannot
be properly evaluated.
In order to improve transparency in decision making and to form a judgment on
the quality of the Board’s work, it is hereby reemphasized that the proceedings
of the meetings of the Board of Directors of banks/DFIs should invariably be
recorded in detail so as to reflect all significant deliberations made and
decisions taken during the meetings.
Please acknowledge receipt.
Yours faithfully,
(JAMEEL AHMAD)
Director