Please
refer to BPRD Circular Letter No. 06 dated 25th July,
2006 regarding the above subject.
2.
It has now been decided that banks incorporated in Pakistan
having foreign participation/equity can hold board meetings
abroad in following manner in a calendar year.
i. |
Banks
having more than 51% foreign shareholding and minimum
two directors residing abroad. |
Maximum
of 4 Board Meetings. |
ii. |
Banks
having more than 40% foreign shareholding and minimum
one director residing abroad. |
3
Board Meetings. |
ii. |
Banks
having upto 40% foreign shareholding and minimum one
director residing abroad. |
1
Board Meeting. |
3.
The bank concerned will, however, only inform SBP in writing
before its Board Meeting abroad in accordance with the
above instructions. The banks/DFIs are advised to hold
BOD meetings at the place of residence of foreign directors.
Further, those having no foreign shareholding and directorship
shall not be allowed BOD meetings abroad. They are also
encouraged to make maximum use of video conferencing facilities
for Board Meetings.
4.
This supersedes BPRD Circular Letter No. 15 of 2006 dated
25th July, 2006.
5.
Please acknowledge receipt.