The BSP likewise required the members of the board to attend a seminar on corporate governance to formally structure the learning on the ethos of good governance. For this undertaking, the BSP accredited seven (7) training providers, which include the Institute of Corporate Directors. We have also made explicit our expectations from the board of directors of our supervised financial institutions.
We have issued regulations clearly identifying the duties and responsibilities that the board itself and the members of the board, in their individual capacity, should carry-out. Responsibilities of the board that have been established include the selection of officers and personnel to the adoption and implementation of adequate risk management policies.