Caleb M Fundanga: Integrity and professionalism in finance, industry and business Keynote speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the ACCA Professionalism and Ethics Event for Employers, Lusaka, 7 November 2007. *  *  *  • The Chairman • Mr Sundeep Takwani, ACCA Head of Ethics and Regulation – Professional Standards • Mr Chintu Mulendema, ZICA President • Senior Government Officials • Heads of Corporates • All protocols observed • Distinguished Ladies and Gentlemen I am honoured to stand before you to discuss the matter of “integrity and professionalism in finance, industry and business”. I commend ACCA Zambia for organising this forum which allows us to discuss matters which have long been considered of primary importance in the financial sector. I am certain that the importance of this subject extends beyond the financial sector to all sectors of the economy. Mr Chairman, this event, the first in the series of ACCA professionalism and ethics events to be held in Zambia coincides with the launch of the ACCA new professional qualification, which will be first examined in December 2007. Named the ACCA qualification, it will build on the success of the current professional scheme, which has become the world’s fastestgrowing international accounting qualification.
In order to achieve this, the board shall have clear, well-defined and understood responsibilities. There shall be a balance of skills, knowledge, experience and perspectives among directors so that the board works effectively to ensure the long-term safety and soundness of the institution.” The guidelines in this respect expect the board of directors to exercise professionalism by having a formal charter that sets out its responsibilities, having a rigorous formal processes for evaluating its performance along with that of board committees and individual directors and, ensuring that the institution complies with all relevant laws, and codes of business practice, and that it communicates with its shareholders and relevant stakeholders openly and promptly Principle 6 – roles of senior management “It is the responsibility of management, under the direction of the chief executive officer, to conduct the institution’s business and affairs in an effective, responsible and ethical manner,  2  BIS Review 129/2007  consistent with the principles and direction established by the board through the strategic plan.” Apart from reflecting integrity in their management of the institution, the guidelines for this principle require that senior management be appropriately qualified to run the affairs of the institution. The expectation is that people of appropriate qualifications will reflect the professionalism that is required of their respective professions.