BPD Circular No. 13 of 2004 |
May 17, 2004 |
All Banks/DFIs
Dear
Sirs,
FIT AND PROPER TEST FOR APPOINTMENT
OF PRESIDENTS/CHIEF EXECUTIVES AND BOARD OF DIRECTORS
Please refer to BPD Circular No. 35 dated 30th November, 2002
along with other instructions issued from time to time on
the captioned subject.
1. The implementation of the contents of this circular during
the last 18 months has revealed the need for some modifications
and its consolidation with the various circular letters and
instructions issued from time to time on this subject in the
past. In order to provide an updated set of instructions,
the existing circular and circular letters have been substituted
and consolidated and the revised criteria of “Fit and
Proper Test” are enclosed at Annexure-I.
2. While applying to SBP for obtaining prior clearance in
terms of BPRD Circular No. 12 dated 2nd June, 2000, the Banks/DFIs
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 banks/DFIs.
3. Accordingly, BPD Circular Letter No. 15 dated 29th June,
2002, BPD Circular No. 35 dated 30th November, 2002 &
BPD Circular Letter No. 10 dated 18th March, 2003 shall now
stand superceded
4. Please acknowledge receipt.
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Yours
faithfully,
Sd/-
(Muhammad Kamran Shehzad)
Director
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Enclose:
As above.
ANNEXURE-I
ANNEXURE-II |
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