This document outlines corporate governance requirements for banks and bank controlling companies in South Africa. It discusses key principles of corporate governance from international and local standards. The Banks Act and regulations place additional responsibilities on directors and executive managers of banks to act with care, skill and avoid conflicts of interest due to banks' role in the economy. The BA 020 declaration requires extensive personal and financial disclosures from potential and current directors and executives to assess their fitness and propriety for the roles.
This document discusses corporate governance guidelines for companies listed on the stock exchange in Bangladesh as established by the Bangladesh Securities and Exchange Commission (BSEC). It outlines requirements for board composition and responsibilities, including a minimum number of directors, the separation of CEO and chairman roles, and the inclusion of independent directors. It also mandates the appointment of a chief financial officer, internal auditor, and company secretary. Other guidelines cover requirements for audit committees, financial reporting and disclosure, and subsidiary company oversight. Companies are required to submit an annual compliance report on adherence to the corporate governance conditions.
Compliance And Governance For Not For Profit Board Membersj3adams
This document discusses the compliance and governance responsibilities of not-for-profit board members. It covers topics such as fiscal oversight duties including duty of care, loyalty and obedience. It also discusses accounting systems, internal controls, financial statements, audit requirements and compliance with regulations for not-for-profits. The presentation provides an overview of the roles and responsibilities of not-for-profit boards to ensure proper financial oversight, reporting and compliance.
CTB - Key Individuals - Roles and Responsibilties.pdfKotive
“Key individual”, in relation to an authorised financial services provider, or a representative, carrying on business as a
corporate or unincorporated body, a trust or a partnership
The document outlines Big Lots Inc.'s Code of Ethics for Financial Professionals from January 2004. It applies to senior executives and financial officers who must act with honesty, integrity, avoid conflicts of interest, protect confidential information, ensure full financial disclosures, and comply with laws and reporting obligations. Violations can result in disciplinary action up to termination and civil or criminal penalties. Employees must sign acknowledging they understand and will comply with the Code of Ethics.
This document provides an overview of corporate health checks and directors' duties under Irish company law. It discusses key responsibilities like maintaining proper records, holding annual general meetings, prohibitions on transactions between directors and the company, and consequences of insolvency. The purpose is to educate company directors on their legal obligations and reduce the risk of breaches that could be reported to the Office of the Director of Corporate Enforcement.
This document outlines the components and types of disclosures required under disclosure based regulation in India. It discusses initial and continuous disclosures that must be provided by public companies to shareholders, stock exchanges, and regulators. These include financial reports, details on board composition, related party transactions, risk management procedures, and certifications from CEOs and CFOs on internal controls and financial reporting. The goal of these extensive disclosure requirements is to promote transparency and investor protection.
This document outlines the AMD Code of Ethics that governs the conduct of senior executives including the Executive Chairman, CEO, CFO, General Counsel, and other senior finance executives. It establishes principles for ensuring ethical business and accounting practices, avoiding conflicts of interest, and complying with applicable laws and company policies. The executives pledge to adhere to the highest ethical standards, maintain accurate financial records, identify and address non-compliance, and ensure the finance organization operates with integrity.
This document discusses corporate governance guidelines for companies listed on the stock exchange in Bangladesh as established by the Bangladesh Securities and Exchange Commission (BSEC). It outlines requirements for board composition and responsibilities, including a minimum number of directors, the separation of CEO and chairman roles, and the inclusion of independent directors. It also mandates the appointment of a chief financial officer, internal auditor, and company secretary. Other guidelines cover requirements for audit committees, financial reporting and disclosure, and subsidiary company oversight. Companies are required to submit an annual compliance report on adherence to the corporate governance conditions.
Compliance And Governance For Not For Profit Board Membersj3adams
This document discusses the compliance and governance responsibilities of not-for-profit board members. It covers topics such as fiscal oversight duties including duty of care, loyalty and obedience. It also discusses accounting systems, internal controls, financial statements, audit requirements and compliance with regulations for not-for-profits. The presentation provides an overview of the roles and responsibilities of not-for-profit boards to ensure proper financial oversight, reporting and compliance.
CTB - Key Individuals - Roles and Responsibilties.pdfKotive
“Key individual”, in relation to an authorised financial services provider, or a representative, carrying on business as a
corporate or unincorporated body, a trust or a partnership
The document outlines Big Lots Inc.'s Code of Ethics for Financial Professionals from January 2004. It applies to senior executives and financial officers who must act with honesty, integrity, avoid conflicts of interest, protect confidential information, ensure full financial disclosures, and comply with laws and reporting obligations. Violations can result in disciplinary action up to termination and civil or criminal penalties. Employees must sign acknowledging they understand and will comply with the Code of Ethics.
This document provides an overview of corporate health checks and directors' duties under Irish company law. It discusses key responsibilities like maintaining proper records, holding annual general meetings, prohibitions on transactions between directors and the company, and consequences of insolvency. The purpose is to educate company directors on their legal obligations and reduce the risk of breaches that could be reported to the Office of the Director of Corporate Enforcement.
This document outlines the components and types of disclosures required under disclosure based regulation in India. It discusses initial and continuous disclosures that must be provided by public companies to shareholders, stock exchanges, and regulators. These include financial reports, details on board composition, related party transactions, risk management procedures, and certifications from CEOs and CFOs on internal controls and financial reporting. The goal of these extensive disclosure requirements is to promote transparency and investor protection.
This document outlines the AMD Code of Ethics that governs the conduct of senior executives including the Executive Chairman, CEO, CFO, General Counsel, and other senior finance executives. It establishes principles for ensuring ethical business and accounting practices, avoiding conflicts of interest, and complying with applicable laws and company policies. The executives pledge to adhere to the highest ethical standards, maintain accurate financial records, identify and address non-compliance, and ensure the finance organization operates with integrity.
The document discusses corporate governance guidelines for Jordan Ahli Bank. It begins by outlining the key stakeholders in corporate governance: 1) Shareholders, whose rights the board aims to protect; 2) Board members, who are responsible for managing the bank; 3) Bank employees, who are responsible for applying controls and procedures; and 4) Customers and external parties with contractual relationships.
It then details guidelines related to the board of directors, including that the board should have at least 11 members with a minimum of 4 being independent. The board is responsible for setting strategic objectives, monitoring senior management, and adopting policies to oversee the bank's performance and activities in compliance with legislation.
The document discusses corporate governance guidelines for Jordan Ahli Bank. It begins by outlining the key stakeholders in corporate governance: 1) Shareholders, whose rights the board aims to protect; 2) Board members, who are responsible for managing the bank; 3) Bank employees, who are responsible for applying controls and procedures; and 4) Customers and external parties with contractual relationships.
It then details guidelines related to the board of directors, including board composition requirements to ensure independence, requirements for board meetings and documenting discussions, and the board's responsibilities such as setting strategic objectives, adopting ethics and compliance policies, overseeing senior management performance, and monitoring risk management policies.
The document discusses the legal framework governing company secretaries in India. It begins with a brief history of the regulatory framework, noting that the Company Secretaries Act was established in 1980 to regulate the profession. The key aspects of the legal framework include the Company Secretaries Act of 1980, the Company Secretaries Regulations of 1982, and the disciplinary mechanisms for members as outlined in the Act. The disciplinary process involves investigations by the Disciplinary Directorate and hearings before the Board of Discipline or Disciplinary Committee depending on the alleged misconduct. Membership in the Institute of Company Secretaries of India is required to practice as a company secretary.
The document outlines key definitions related to corporate governance at Jordan Ahli Bank. It defines terms like corporate governance, board of directors, senior management, subsidiaries, affiliates, related parties, stakeholders, and conflict of interest. It also describes the legal framework that the bank's corporate governance guidelines were prepared in accordance with, including Jordanian banking laws and regulations from the Central Bank of Jordan and Basel Committee.
OmniPro\'s Company Law Spring Update 2011. Includes review of the European Communities (statutory Audit Regulations) 2010, Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 & Multi-Unit Development Act 2010
- Due diligence is a detailed investigation of a company's financial, legal and operational activities conducted prior to a major transaction like an IPO.
- The purpose is to identify any issues, assess risks and opportunities, ensure compliance with laws, and check the accuracy of financial statements and value of assets.
- Key areas of focus include the company's financials, assets, employees, marketing, industry, competition, legal matters, contracts and intellectual property.
- The due diligence helps identify gaps between the current company and what needs to be publicly listed, to then fill those gaps prior to the IPO.
1. The document discusses corporate governance guidelines for Jordan Ahli Bank. It outlines the bank's stakeholders which include shareholders, board members, employees, and external parties.
2. The composition of the bank's board of directors is discussed, including requirements for independence. The board is responsible for managing the bank's affairs and setting its strategic objectives.
3. The duties and responsibilities of the board are also summarized, which include monitoring performance, compliance, risk management, and oversight of senior management. The board is ultimately responsible for the bank's business and financial standing.
The Sarbanes-Oxley Act of 2002 was passed in response to major corporate accounting scandals to increase corporate responsibility and enhance financial disclosures. It created the Public Company Accounting Oversight Board to oversee audits of public companies and tightened restrictions on conflicts of interest between companies and their auditors or analysts. The Act also implemented new criminal penalties and increased civil and criminal liability for corporate officers regarding financial statement accuracy.
This document provides an overview of a training course on the role of company directors and boards. It discusses topics that will be covered such as corporate governance, the legal and regulatory environment, and the director's role. An introduction is given by the presenter Paul Munden, outlining the format and goals of the participative course. The document then provides background on corporate governance codes internationally and in the UK, as well as the roles and responsibilities of directors, boards, and shareholders. Key concepts around directors' duties, conflicts of interest, and insolvency are also summarized.
The document outlines the key corporate governance guidelines for listed companies in India as per SEBI regulations, including requirements around board composition, committees, related party transactions, and disclosures. Some of the major points include:
1. The board of directors must have an optimum combination of executive and non-executive directors, with at least one woman director. If the chairman is non-executive, at least one-third of the board should be independent.
2. Key board committees like audit, nomination & remuneration, stakeholder relationship must be established with independent directors as chairpersons and majority members.
3. Related party transactions above a certain materiality threshold require audit committee and shareholder approval.
LIC Housing Finance Limited is one of India's largest housing finance companies. Its board of directors consists of both executive and non-executive directors, including independent directors. The board has established several committees to oversee key functions like auditing, nomination/remuneration, corporate social responsibility, and risk management. The company has adopted policies on whistleblowing, CSR, and corporate culture that emphasize accountability, commitment, trust, and ethical conduct among employees.
Introduction To Financial Statements And AuditMobasher Ali
The document provides an introduction to financial statements and auditing. It discusses the purpose of financial statements which is to provide useful information to users for decision making. A complete set of financial statements includes a balance sheet, income statement, statement of changes in equity, cash flow statement, and notes. The document also outlines the regulatory requirements for auditing financial statements in Pakistan for various types of entities. The objective of an audit is to express an opinion on whether the financial statements present fairly in accordance with accounting standards.
This document discusses new laws and regulations affecting corporate governance in the aftermath of Enron, including the Sarbanes-Oxley Act of 2002. It outlines increased responsibilities for boards of directors and their committees in areas like independence, financial reporting, internal controls, and ethics codes. Public companies, their officers, directors, and auditors are most directly impacted by these reforms, which aim to restore investor trust through greater transparency, accountability and oversight.
Presentation on Independent Director as per Companies Act 2013Vishal Dhona, ACS
Presentation is made for understanding what is independent director? what are its roles?
Also by means of this you can understand what are the various provisions applicable to independent director.
Board Fiduciary Duty Relating to the Annual Audit and Form 990Ballstate1
Joyce Dulworth, CPA and tax partner with BKD LLP, along with Michael Earls, CPA, presented this topic during the 2013 Ball State Foundation PAC Seminar.
sunoco Code of Business Conduct and Ethicsfinance6
This document is Sunoco Inc.'s Code of Business Conduct and Ethics from June 1, 2007. It outlines the company's expectations for ethical behavior, including complying with laws, avoiding conflicts of interest, protecting confidential information, and ensuring fair dealing. The code applies to all employees, officers, and directors of Sunoco and its subsidiaries. It aims to maintain high standards of integrity and honesty.
Narayan murthy report on corporate governanceDhruvKothari13
The document summarizes the key recommendations from the Narayana Murthy Committee Report on Corporate Governance in India from 2003. The committee was formed by SEBI under Murthy's chairmanship to review corporate governance standards and disclosure requirements. The committee recommended several mandatory requirements, such as strengthening audit committees, requiring approval of related party transactions, and establishing whistleblower policies. It also recommended non-mandatory best practices around moving to unqualified financial statements, training board members, and evaluating board performance. The recommendations aimed to improve transparency, accountability and investor protection in Indian markets.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
The document discusses corporate governance guidelines for Jordan Ahli Bank. It begins by outlining the key stakeholders in corporate governance: 1) Shareholders, whose rights the board aims to protect; 2) Board members, who are responsible for managing the bank; 3) Bank employees, who are responsible for applying controls and procedures; and 4) Customers and external parties with contractual relationships.
It then details guidelines related to the board of directors, including that the board should have at least 11 members with a minimum of 4 being independent. The board is responsible for setting strategic objectives, monitoring senior management, and adopting policies to oversee the bank's performance and activities in compliance with legislation.
The document discusses corporate governance guidelines for Jordan Ahli Bank. It begins by outlining the key stakeholders in corporate governance: 1) Shareholders, whose rights the board aims to protect; 2) Board members, who are responsible for managing the bank; 3) Bank employees, who are responsible for applying controls and procedures; and 4) Customers and external parties with contractual relationships.
It then details guidelines related to the board of directors, including board composition requirements to ensure independence, requirements for board meetings and documenting discussions, and the board's responsibilities such as setting strategic objectives, adopting ethics and compliance policies, overseeing senior management performance, and monitoring risk management policies.
The document discusses the legal framework governing company secretaries in India. It begins with a brief history of the regulatory framework, noting that the Company Secretaries Act was established in 1980 to regulate the profession. The key aspects of the legal framework include the Company Secretaries Act of 1980, the Company Secretaries Regulations of 1982, and the disciplinary mechanisms for members as outlined in the Act. The disciplinary process involves investigations by the Disciplinary Directorate and hearings before the Board of Discipline or Disciplinary Committee depending on the alleged misconduct. Membership in the Institute of Company Secretaries of India is required to practice as a company secretary.
The document outlines key definitions related to corporate governance at Jordan Ahli Bank. It defines terms like corporate governance, board of directors, senior management, subsidiaries, affiliates, related parties, stakeholders, and conflict of interest. It also describes the legal framework that the bank's corporate governance guidelines were prepared in accordance with, including Jordanian banking laws and regulations from the Central Bank of Jordan and Basel Committee.
OmniPro\'s Company Law Spring Update 2011. Includes review of the European Communities (statutory Audit Regulations) 2010, Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 & Multi-Unit Development Act 2010
- Due diligence is a detailed investigation of a company's financial, legal and operational activities conducted prior to a major transaction like an IPO.
- The purpose is to identify any issues, assess risks and opportunities, ensure compliance with laws, and check the accuracy of financial statements and value of assets.
- Key areas of focus include the company's financials, assets, employees, marketing, industry, competition, legal matters, contracts and intellectual property.
- The due diligence helps identify gaps between the current company and what needs to be publicly listed, to then fill those gaps prior to the IPO.
1. The document discusses corporate governance guidelines for Jordan Ahli Bank. It outlines the bank's stakeholders which include shareholders, board members, employees, and external parties.
2. The composition of the bank's board of directors is discussed, including requirements for independence. The board is responsible for managing the bank's affairs and setting its strategic objectives.
3. The duties and responsibilities of the board are also summarized, which include monitoring performance, compliance, risk management, and oversight of senior management. The board is ultimately responsible for the bank's business and financial standing.
The Sarbanes-Oxley Act of 2002 was passed in response to major corporate accounting scandals to increase corporate responsibility and enhance financial disclosures. It created the Public Company Accounting Oversight Board to oversee audits of public companies and tightened restrictions on conflicts of interest between companies and their auditors or analysts. The Act also implemented new criminal penalties and increased civil and criminal liability for corporate officers regarding financial statement accuracy.
This document provides an overview of a training course on the role of company directors and boards. It discusses topics that will be covered such as corporate governance, the legal and regulatory environment, and the director's role. An introduction is given by the presenter Paul Munden, outlining the format and goals of the participative course. The document then provides background on corporate governance codes internationally and in the UK, as well as the roles and responsibilities of directors, boards, and shareholders. Key concepts around directors' duties, conflicts of interest, and insolvency are also summarized.
The document outlines the key corporate governance guidelines for listed companies in India as per SEBI regulations, including requirements around board composition, committees, related party transactions, and disclosures. Some of the major points include:
1. The board of directors must have an optimum combination of executive and non-executive directors, with at least one woman director. If the chairman is non-executive, at least one-third of the board should be independent.
2. Key board committees like audit, nomination & remuneration, stakeholder relationship must be established with independent directors as chairpersons and majority members.
3. Related party transactions above a certain materiality threshold require audit committee and shareholder approval.
LIC Housing Finance Limited is one of India's largest housing finance companies. Its board of directors consists of both executive and non-executive directors, including independent directors. The board has established several committees to oversee key functions like auditing, nomination/remuneration, corporate social responsibility, and risk management. The company has adopted policies on whistleblowing, CSR, and corporate culture that emphasize accountability, commitment, trust, and ethical conduct among employees.
Introduction To Financial Statements And AuditMobasher Ali
The document provides an introduction to financial statements and auditing. It discusses the purpose of financial statements which is to provide useful information to users for decision making. A complete set of financial statements includes a balance sheet, income statement, statement of changes in equity, cash flow statement, and notes. The document also outlines the regulatory requirements for auditing financial statements in Pakistan for various types of entities. The objective of an audit is to express an opinion on whether the financial statements present fairly in accordance with accounting standards.
This document discusses new laws and regulations affecting corporate governance in the aftermath of Enron, including the Sarbanes-Oxley Act of 2002. It outlines increased responsibilities for boards of directors and their committees in areas like independence, financial reporting, internal controls, and ethics codes. Public companies, their officers, directors, and auditors are most directly impacted by these reforms, which aim to restore investor trust through greater transparency, accountability and oversight.
Presentation on Independent Director as per Companies Act 2013Vishal Dhona, ACS
Presentation is made for understanding what is independent director? what are its roles?
Also by means of this you can understand what are the various provisions applicable to independent director.
Board Fiduciary Duty Relating to the Annual Audit and Form 990Ballstate1
Joyce Dulworth, CPA and tax partner with BKD LLP, along with Michael Earls, CPA, presented this topic during the 2013 Ball State Foundation PAC Seminar.
sunoco Code of Business Conduct and Ethicsfinance6
This document is Sunoco Inc.'s Code of Business Conduct and Ethics from June 1, 2007. It outlines the company's expectations for ethical behavior, including complying with laws, avoiding conflicts of interest, protecting confidential information, and ensuring fair dealing. The code applies to all employees, officers, and directors of Sunoco and its subsidiaries. It aims to maintain high standards of integrity and honesty.
Narayan murthy report on corporate governanceDhruvKothari13
The document summarizes the key recommendations from the Narayana Murthy Committee Report on Corporate Governance in India from 2003. The committee was formed by SEBI under Murthy's chairmanship to review corporate governance standards and disclosure requirements. The committee recommended several mandatory requirements, such as strengthening audit committees, requiring approval of related party transactions, and establishing whistleblower policies. It also recommended non-mandatory best practices around moving to unqualified financial statements, training board members, and evaluating board performance. The recommendations aimed to improve transparency, accountability and investor protection in Indian markets.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
This assessment plan proposal is to outline a structured approach to evaluati...
131008sarb.pptx
1. Corporate Governance
Directors and Executive
Managers of Banks and
Bank Controlling Companies
Presentation to the Portfolio
Committee on Communication
October 2013
2. Outline
Corporate Governance in General
Common Law
New Companies Act
Banks Act & Regulations
Procedure
BA 020 Declaration
3. Corporate Governance in General
Local and international standards
King I (1994) & King II (2001)
The Core Principles for Effective banking
Supervision, Basel Committee – (1997, 2006 & 2011)
Principles of Corporate Governance, OECD
(21 June 1999)
Corporate Governance and the Use of the Audit and
Actuarial Functions for Supervisory Functions, BIS,
Basel – (24 October 2001)
4. Corporate Governance in General
Primary characteristics of good corporate governance
Discipline
– Senior management to act correctly/properly
Transparency
– Necessary information available in a candid, accurate and
timely manner
Independence
– Minimise/avoid conflicts of interests
5. Corporate Governance in General
Accountability
– Mechanisms to effectively enforce accountability
Fairness
– Balanced treatment of all stakeholders
Responsibility
– Procedures to allow for corrective action and penalising
mismanagement
Social responsibility
– Social issues, ethical standards, non- exploitative, non-
discriminatory, responsible with regard to environment and
human rights
6. Corporate Governance – Common Law
Director stands in fiduciary relationship to company
- act in good faith
- exercise power for benefit of company
- avoid conflict of interests
(Liability for breach of fiduciary relationship)
Director has duty to act with “care” and “skill”
- “care” objective test / subjective test (uncertainty)
- “skill” varies from person to person
(Liability for breach of duty or breach of contract)
7. Corporate Governance – New Companies Act
Director’s personal financial interests (s75)
Standards of directors conduct (s76)
– good faith
– best interests of company
– care, skill & diligence
Liability of directors (s77)
8. Corporate Governance in Banks
Business environment more competitive and complex
Ensures that resources of a company are not used
inappropriately
Banks are special institutions
– fulfil unique role in modern economy
– require greater degree of care and skill from directors /
executive officers of banks
“bank” includes controlling company
Protects the interests of depositors/creditors
Promotes confidence in banking system and prudence in
the operation of banks
Promotes ethical behaviour
9. Banks Act & Regulations
“’corporate governance’, in relation to the
management of a bank or a controlling company,
includes all structures, processes, policies, systems
and procedures whereby the bank or controlling
company is governed.” (Section 1(1) Banks Act)
10. Banks Act & Regulations
Section 60(1)
– codifies common law principles regarding
fiduciary duties and duty of care & skill
– applies to directors, CEO & executive officers
– compliance officer & company secretary
– bank & controlling company
11. Banks Act & Regulations
Section 60(1A)
– defines dimensions of duties
– (a) & (b) fiduciary duties
– (c) & (d) – care & skill: objective test
– addresses uncertainties of common law
12. Banks Act & Regulations
Section 60(2) - enables guidelines by regulation:
– process of corporate governance (Reg 39)
– guidelines regarding the conduct of directors (Reg 40)
– composition of the board (Reg 41)
– DI020 Questionnaire (Reg 42)
– public disclosure (Reg 43)
13. Banks Act & Regulations
Directors/Executive officers are required to be “fit and proper”
(s1(1A))
– Registrar shall have regard to the following qualities:
• general probity of person;
• competence & soundness of judgement;
• diligence of person likely to fulfil responsibilities
14. Banks Act & Regulations
Registrar may have regard to previous conduct or
activities in business/financial matters – in particular:
– conviction of crime with element of dishonesty;
– dishonesty, incompetence, malpractice in
providing banking, insurance, investment or other
financial services;
– director of company – effective cause of company
unable to pay its debts;
– deceitful, prejudicial, improper business practices
– any other business practices casting doubt on
competence and soundness of judgement
15. Banks Act & Regulations
Fit & Proper Assessment procedure
Section 60(5) – new appointments
– procedure for appointment of directors and executive
managers
– Registrar may object to appointments in writing – with
reasons
– disputes are dealt with as per section 60(6)
16. Banks Act & Regulations
Fit & Proper Assessment procedure
Sections 60(6) – current appointments
– procedure for objecting to appointment of directors and
executives by Registrar
– if Registrar has reason to believe that person is not/no
longer “fit & proper”
– if Registrar’s objection is disputed – referred to arbitration
by AFSA
– termination by AFSA = final & binding
17. Procedure
Directors are appointed by shareholders – executive officers by
the Board
Bank to give written notice & BA 020 to Registrar – 30 days prior
to appointment
New appointments: Registrar assess “fit & probity” – written
objection within 20 working days
Current appointments - Registrar entitled to request any person
to complete BA020 at any time
Refusal of BA020- appointment of director no legal force unless
prescribed information submitted to Registrar and Registrar has
no objection (s60(5)(b))
NOT “approval”, “appointment” or “dismissal” by Registrar
18. Declaration by directors or executive
officers – BA 020
Form BA 020
STATEMENT BY INDIVIDUALS WHO ARE HOLDING, OR ARE PROPOSING TO HOLD, THE OFFICE OF A DIRECTOR OR AN
EXECUTIVE OFFICER OF A BANK OR A CONTROLLING COMPANY
(Confidential and not available for inspection by the public)
1. Name of institution in connection with which this questionnaire is being completed (“the institution”):
2. Your surname:
3. Your full forename(s):
4. Former surname(s) and or forename(s) by which you may have been known:
5. Please state in which capacity you are completing this questionnaire, that is, as a current prospective director, an
executive officer or combination of these.
6. Please state your full title, and describe the particular duties and responsibilities attaching to the position(s)that you hold
or will hold. If you are completing this form in the capacity of director, indicate whether, in your position as director, you have or will have
executive responsibility for the management of the institution’s business. In addition, please provide a copy of your curriculum vitae,
unless it has already been provided:
7. Residential address:
8. Any previous residential address during the past 10 years:
9. Date and place of your birth (including town or city): Age / Experience / Corporate Exposure?
10. Your nationality and how it was acquired (birth, naturalisation or marriage):
19. Declaration by statutory directors or
executive officers – BA 020 (continued)
11. Name(s) and address of your bankers during the past 10 years:
12. Your professional qualifications and year in which they were obtained:
13. Your occupation and employment now and during the past 10 years, including the name of your employer in each case, the
nature of the business, the position held and relevant dates:
14. Of which bodies corporate (other than the institution) are you a director or an executive officer and since when? - Current
Directorships
15. Do you have any direct or indirect interest representing 15 per cent or more of the issued capital of any body corporate (other than the
institution) that is now registered, or that has applied for authorisation, under the Act? If so, give particulars:
16. Of which bodies corporate other than the institution and those listed in reply to question 13 above have you been a director or an
executive officer at any time during the past IO years? Give relevant dates:
17. Do any of the bodies corporate listed in reply to questions 12, 13, 14 and 15 above maintain a business relationship with the
institution? If so, give particulars: Conflict of interests
18. Do you hold or have you ever held or applied for a licence or equivalent authorisation to conduct any business activity in the Republic
of South Africa (“the Republic”) or elsewhere? If so, give particulars. If any such application was refused or withdrawn after it was made or
if any authorisation was revoked, give particulars:
19. Does any institution with which you are, or have been, associated as a director or executive officer hold, or has it ever held or applied
for, a licence or equivalent authorisation to conduct any business activity? If so, give particulars. If any such application was refused, or
was withdrawn after it was made or if an authorisation was revoked, give particulars:
20. Declaration by statutory directors or
executive officers – BA 020 (continued)
20. Have you at any time been convicted of any offence, excluding –
(i) any offence committed when you were under 18 years, unless the same offence was committed within the last 10 years;
(ii) any road traffic offence; or
(iii) any political offence?
If so, give particulars of the court by which you were convicted, the offence, the penalty imposed and the date of conviction:
Offences with element of dishonesty e.g. fraud – disqualifies candidate
21. Have you, in the Republic or elsewhere, been censured, disciplined, warned as to future conduct, or made the subject of a
court order at the instigation of any regulatory authority or any professional body to which you belong or belonged, or have you
ever held a practising certificate subject to conditions? If so, give particulars:
22. Have you, or has any body corporate, partnership or unincorporated institution with which you are, or have been,
associated as a director or executive officer, been the subject of an investigation, in the Republic or elsewhere, by or at the
instigation of a government department or agency, professional association or other regulatory body? If so, give particulars:
23, Have you, in the Republic or elsewhere, been dismissed from any office or employment, or been subject to disciplinary
proceedings by your employer or been barred from entry to any profession or occupation? If so, give particulars:
24. Have you failed to satisfy any debt adjudged due and payable by you, as a judgement debtor under an order of a court
in the Republic or elsewhere, or made any compromise arrangement with your creditors within the past 10 years? If so, give
particulars:
25. Have you ever been declared insolvent (either provisionally or finally) by a court in the Republic or elsewhere, or has a
bankruptcy petition ever been served on you? If so, give particulars:
26. Have you, in connection with the formation or management of any body corporate, partnership or unincorporated institution,
been adjudged by a court in the Republic or elsewhere civilly liable for any fraud, misfeasance or other misconduct by
YOU towards such a body or company or towards any members thereof? If so, give particulars:
21. Declaration by statutory directors or
executive officers – BA 020 (continued)
27. Has any body corporate, partnership or unincorporated institution with which you were associated as a director or executive
officer, in the Republic or elsewhere, been wound up, made subject to an administration order, otherwise made any
compromise or arrangement with its creditors or ceased trading, either while you were associated therewith or within one
year after you ceased to be associated therewith, or has anything analogous to any of these events occurred under the laws of
any other jurisdiction? If so, give particulars:
28. Have you been concerned with the management or conduct of the affairs of any institution that, by reason of any matter
relating to a time when you were so concerned, has been censured, warned as to future conduct, disciplined or made the
subject of a court order at the instigation of any regulatory authority in the Republic or elsewhere? If so, give particulars:
29. In carrying out your duties will you be acting on the directions or instructions of any other individual or institution? If so, give
particulars:
30. Do you, or does any related party of whom you are aware, undertake business with this institution? If so, give particulars:
Independence / conflict of interests
31. How many shares in the institution are registered in your name or the name of a related party? If applicable, give name(s) in
which such shares are registered and the class of shares: Independence
32. In how many shares in the institution (not being registered in your name or that of a related party) are related parties
beneficially interested? Independence / Influence
33. Do you, or does any related party, hold any shares in the institution as trustee or nominee? If so, give particulars:
34. Are any of the shares in the institution mentioned in reply to questions 30, 31 and 32 above equitably or legally charged or
pledged to any party? If so, give particulars:
35. ln respect of which proportion of the voting .power at any general meeting of the institution (or of another body corporate of
which it is a subsidiary) are You or any related party entitled to exercise control?
36. If the exercise of the voting power at any general meeting of the institution, or of another body corporate of which it is a
subsidiary, is or may be controlled by one or more of your associates or any related party, give the proportion of the voting
power so controlled in each case and the identity of each associate:
22. Declaration by statutory directors or
executive officers – BA 020 (continued)
37. Are you currently, or do you, other than in a professional capacity, expect to be, engaged in any litigation in the Republic or
elsewhere? if so, give particulars:
38. Do you have a basic knowledge and understanding of the risks to which banks are exposed? (Refer to Chapter III,
regulation 38 of the Regulations relating to Banks, in this regard.) NB – The applicant must have a basic knowledge and
understanding.
39. Do you, at all times while acting in your capacity as a director or executive officer of the institution, undertake to –
- act in good faith towards the bank/banks in the group;
- avoid conflict between your other interests and the interests of the bank/banks in the
group
- and place the interest of the bank/banks in the group and the depositors above all
other interests?
NB NB
40. Have you acquainted yourself with, and do you understand, the extent of the rights and powers, as well as your
responsibilities and duties as a director of the institution, as contained in the applicable law? (To be completed only by
directors or prospective directors.) NB In case of statutory directors
The BA 020 also requests that a matrix be attached with details of:
– The number of other directorships or memberships held by the proposed appointee;
– The name of the other entity(ies) iro which the proposed appointee already serves as a director or member;
– The particular duties and responsibilities attached to each of the aforesaid positions held;
– The number of meetings each of the aforesaid entities holds or is expected to hold per annum, that the proposed
appointee is required to attend;
– The expected average number of hours that is required for the proposed appointee to duly prepare for each of the
aforesaid meetings.
23. Declaration by statutory directors or
executive officers – BA 020 (continued)
DECLARATION (BY DEPONENT)
I , . . . . . . . . . . . . . . . . . . . .. . . . . . . , hereby declare the following: This statement consists of .....,...,,., pages,
each signed by me. The content of this declaration is true to the best of my knowledge and belief. I am aware
that should it be submitted as evidence and I know that something appears therein that I know to be false or
believe not to be true, I may be liable to prosecution.
I undertake that, as long as I continue to be a director or executive officer of the institution, I will notify the
Registrar of any material changes to, or affecting the completeness or accuracy of, the information supplied by
me in items 1 to 39 as soon as possible, but in no event later than 21 days from the day that the changes come
to my attention.
I know and understand the content of this declaration, I have*/do not have* objections to taking the prescribed
oath. I consider the prescribed oath to be binding*/not binding* on my conscience.
I, certify that, the above statement was taken by me and that the deponent has acknowledged that he/she
knows and understands the content of this statement. This statement was sworn to /affirmed before me and the
deponent’s signature was placed thereon in my presence at ............... on this........... day of ………
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
COMMISSIONER OF OATHS
FULL NAMES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
AREA: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ADDRESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
* Delete whichever is not applicable
Oath can be substituted with the affirmation
24. Declaration by statutory directors or
executive officers – BA 020 (continued)
DECLARATION (BY CHAIRPERSON OF INSTITUTION)
I, the undersigned , . . . . . . . . . . . . . . . . . . being chairperson of the Board of directors of . . . . . . . . . . . . . .
confirm that I have carefully
studied all information supplied in this statement and, after discussion with the deponent . . . . . . . . . . . . . . and all
other members of the board, and after having taken into account any other information at my disposal or that has
come to my attention, am of the opinion that
the deponent . . . . . . . . . . . . . . . . is fit and proper to take up office in this institution, with effect from . . . . . . . . .
. In the case of the appointment of a director, I confirm that there has been compliance with the appropriate
conditions of the articles of association of
the company. Similarly, in the case of the appointment of an executive officer, I confirm that there has been
compliance with company policy.
DECLARATION BY AUDITOR IN CASE OF NEW BANK*
I, the undersigned . . . . . . . . . . . . . . . . being the auditor of . . . . . . . . . . . . . . . . confirm that I have carefully
studied all information supplied in this statement and, after discussion with the deponent . . . . . . . . . . . . . . and
all other members of the board, and after having taken into account any other information at my disposal confirm
that nothing has come to my attention that causes me to believe that the deponent . . . . . . . . . . . . . . . . . is not fit
and proper to take up office in this institution, with effect from . . . . . . . . . . . . . . . In the case of the appointment
of a director, I confirm that there has been compliance with the appropriate conditions of the articles of
association of the company. Similarly, in the case of the appointment of an executive officer, I confirm that there
has been compliance with company policy.
NAME :
SIGNED:
DATE :
* Delete whichever is not applicable
Declaration by directors or management (continued)