Crisis management is a critical component of business continuity that should be prioritized by the Board. Inevitably, unforeseen circumstances could arise, which if not managed properly can shake the very foundation of the Board and by extension that of the Company . Planning for and emplacing an effective crisis management plan will better-position the Board […]
The President recently signed into law the Banks and Other Financial Institution Act (BOFIA) 2020. The Act replaces BOFIA 1991 and seeks to establish a more responsive and investment stimulating regulatory regime that will promote robust economic activities and inclusiveness, protect the financial institutions and safeguard the interests of all stakeholders. Indeed banks, particularly Commercial […]
To fulfil its mandate effectively and provide the required leadership to Management, Board independence is imperative and familiarity that comes with longevity is a threat to Board independence. There is a healthy debate in favor and against tenure limits for Directors. The Company and Allied Matters Act (CAMA) clearly provides for the appointment, removal, age […]
Section 269 (1) of the Companies and Allied Matters Act (CAMA) 2020 defines a director as a person who is duly appointed by the company to direct and manage the business of the company. Every company is required to have a minimum of two directors (Section 271 CAMA). Directors have been categorized over time into […]
The disruption that has characterized 2020 on personal and corporate levels across the world has been phenomenal, with far reaching impact. On a corporate level, it is now apparent that Boards can no longer rely on traditional risk management and business recovery planning efforts which clearly did not anticipate the major disruption that Covid-19 brought […]