Circulars/Notifications - Banking Policy Department  
 BPD Circular No. 35
November 30, 2002  

All Banks / DFIs

Dear Sirs ,

FIT AND PROPER TEST FOR APPOINTMENT OF PRESIDENT/

CHIEF EXECUTIVE AND BOARD OF DIRECTORS

 

In order to promote good corporate governance and to encourage President/Chief Executive and Board of Directors to play an effective role for the capacity building of their institution, certain guidelines under “Fit & Proper Test” have been formulated separately for the appointment of President/Chief Executive and filling of the vacancy of Director on the Board vide BPD Circular No. 16 dated 29th June, 2002 and Circular Letter No. 27 dated 14th October, 2002. Subsequent to that, few changes/amendments were made in “Fit & Proper Test” to make it more comprehensive. In order to consolidate such instructions, the aforesaid Circular and Circular Letter has accordingly been substituted. The revised criteria of “Fit & Proper Test” is enclosed as Annexure-I

2.         While applying to SBP for obtaining prior clearance in terms of BPRD Circular No. 12 dated 2nd June, 2000, the financial institution shall ensure that guidelines now given under the revised “Fit & Proper Test” have been complied with. In addition to submission of requisite information about appointment of proposed President/Chief Executive and Directors of Board, information in a simple proforma (enclosed at Annexure-II) shall also be provided by the bank/DFI. 

3.        Accordingly, BPD Circular No. 16 dated 29th June, 2002 and BPD Circular Letter No. 27 dated 14th October, 2002 shall now stand cancelled.

Encls: As above.

Yours faithfully,
(Muhammad Kamran Shehzad)
Director

BPD Circulars/ Circular Letters issued in 2003
       
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