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Role of Boards of bank in Crisis – Out of the Storm Eye
Fascinating arrest of presidents of banks which have been rescued CBN, puts in the forefront wider crisis in methods of a corporate governance of bank in Nigeria. The president of bank finally is responsible to a regulator to guarantee the consent the law of Bank and its instructions, but also is responsible to management on creation and preservation of riches within establishment. Actions of the Central bank have protected investors, but shareholders – definitive accident, and have lost billions in crisis. And on their board shareholders should turn to guarantee that avoid the future crises. Problem CBN would be made infinitely easier if corresponding disciplines of a corporate governance were accompanied by board.
Good management involves many actors. It begins at political economy level, is ciphered and put into practice by the regulators interpreted by a range “reputational intermediaries” (lawyers, investment banks, bookkeepers and CRAs), and has put into practice council. Management intends to operate within the structure of management defined by board.
OECD defines a corporate governance as involving of some relations between company management, its Council, its shareholders, and other interested persons. Good management should guarantee stimulus for board and management to pursue the aims which are interests of bank in long-term prospect and should facilitate an effective control and management.
Role CBN is more related that from the bride than the groom, they have the right to reduce appointment of management as bank, but under normal circumstances is not right to choose the candidate. Similarly boards should not be involved in check of separate decisions of the credit, but they are responsible for creation of committee on risk which defines parametres in which limits of the decision of the credit are accepted also control committee which guarantees that the policy co-ordinated by board, adheres to and that internal control facilities work effectively. The role of the Chairman of Bank should guarantee that these committees consist of people with necessary experience and independence to guarantee that the corresponding policy is accepted and put into practice. If these committees operated effectively the abusing most part office position which has been identified CBN should not occur.
Though work CBN is far from made, work of shareholders and the chairman of bank has just begun, and on board pensioners and rescuers who saw, their savings eliminated by crisis, should ask some difficult questions.
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