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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Board membership in Zambian banks: a nemesis to good corporate governance?
Authors:Luwabelwa, WalubitaISNI
Mwenda, Kenneth K.ISNI
Periodical:Zambia Law Journal (ISSN 1027-7862)
Geographic term:Zambia
Subjects:banking law
Abstract:This article examines the policy and legal bases of enacting section 31(4) of the Banking and Financial Services Act (BFSA) in Zambia. This section legislates a prohibition stopping an individual from serving as director of more than one bank or financial institution without the prior written approval of the Bank of Zambia. The author investigates whether the limitation on the number of boards an individual can sit on, in regard to registered banks, is a good practice of corporate governance, given the short supply of well-qualified and experienced corporate directors in the country. The author draws on international comparatives, in particular from the United Kingdom, to argue that the Zambian parliament should have left it to each bank to formulate its own contractual rules on these matters. Notes, ref. [ASC Leiden abstract]