Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 06
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, interalia, 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
       
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