The Banking and Financial Institutions (Corporate Governance) Regulations, CAP. 342 2021

Abstract

These Regulations may be cited as the Banking and Financial Institutions (Corporate Governance) Regulations, 2021.Interpretation Cap. 342 2. In these Regulations, unless the context otherwise requires- "Act" means the Banking and Financial Institutions Act; "Bank" means the Bank of Tanzania;"bank" means an entity that is engaged in the banking business; "Board" means the Board of Directors of a bank or financial institution; "conflict of interest" means a situation in which someone in a position of trust has competing professional,business or personal interest, making it difficult to fulfil his duties impartially;"control functions" means the functions that provide objective assessment, reporting and assurance and includes risk management function, compliance function and the internal audit function; "corporate governance" means a set of relationships between a company’s management, its Board, its shareholders and other stakeholders, which provide the structure through which the objectives of the company are set, and the means of attaining those objectives Banking and Financial Institutions (Corporate Governance) GN. NO. 767 (Contd.) Cap. 212 and monitoring performance, including how the Board and senior management: