This collaborative effort among a range of market players has resulted in positive milestones being achieved including: (i)  Ongoing review and updating of the financial sector legislation, including the Banking and Financial Services Act; the Pensions Scheme Regulation Act; the Insurance Act; and the Securities Act targeted for legislation in 2012;  (ii)  Participation in the on-going review of the Companies Act whose comprehensive revisions under the Ministry of Commerce, Trade and Industry are scheduled for 2012;  (iii)  Resolution of weaknesses in the state owned financial institutions which have become profitable and innovative in terms of delivery of financial services;  (iv)  Introduction of a regulatory framework for the introduction of a credit reference bureau;  (v)  Development and issuance of anti money laundering guidelines and the establishment of a Financial Intelligence Unit;  BIS central bankers’ speeches  1  (vi)  Development and issuance of the corporate governance guidelines by the regulators; and,  (vii)  Strengthening the autonomy and enhancing the supervisory capacities of the three financial sector regulatory authorities. Through the FSDP, the BoZ is also working with stakeholders like the Institute of Directors (IoD) in enhancing corporate governance among various stakeholders within the financial sector. Under the first phase of the FSDP, IoD conducted seminars on core principles of corporate governance targeted at executives and senior officials in the financial and business sector.
Bwalya K E Ng’andu: Enhancing corporate governance among various stakeholders within the financial sector Opening remarks by Dr Bwalya K E Ng’andu, Deputy Governor (Operations) of the Bank of Zambia, to the Financial Sector Development Programme (FSDP) presentation of corporate governance model board charter to financial sector stakeholders, Lusaka, 25 October 2011. *  *  *  Chief executive officers and senior management of financial institutions Members of the FSDP Secretariat and Working groups Distinguished participants Ladies and Gentlemen Let me start by thanking the organisers of this meeting for inviting me to make opening remarks at the presentation of the corporate governance model board charter. As you are aware, corporate governance has been identified as one of the most important components of the Financial Sector Development Programme (FSDP). The reason for this is not difficult to discern. The relationship between financial institutions and the public is premised on trust. Loss of confidence and trust in even one financial institution can threaten the stability of the entire financial sector because feelings about one erring institution can be extended to other institutions. This fiduciary responsibility that financial institutions carry requires that all players in the financial sector are subjected to elaborate oversight. In this regard, the Boards of Directors are one organ that is vested with this responsibility of oversight.