Of all the five revocations of banking licences in Mauritius, three were clearly motivated by problems the roots of which were found at the level of Boards of Directors. Members of the Boards of Directors obscenely took advantage of their positions to influence imprudent credit decisions making. The Bank of Mauritius issued 9 Guidelines to the banking industry so far.
Two more Guidelines have been issued to the industry for consultations. The Guidelines on Corporate Governance, effective June 2001, and on Related Party Transactions, effective January 2002, put the roles and responsibilities of Boards of Directors of banks in the right perspective.