Board sets own “fit & proper” rule

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In its meeting on December 17, 2007 in Bangkok, Thailand, the ADFIAP Board has set minimum standard requirements for Board members and officers as part of its ongoing governance process improvement.

Current and aspiring members and officers of the Board must, among others, possess academic and/or professional qualifications at commensurate level of experience in a discipline relevant to banking, development finance activities, capital market operations, finance or management. To maintain integrity, they shall not: have been convicted by any Court of law for any criminal offence; have served any term of imprisonment after a conviction for any offence; have been found to have committed or been connected with the commission of any act which involves an offence, fraud, deceit, dishonesty or any irregularity relating to trading of securities, by any body with regulatory or supervisory authority established by law or other statutory power, constituted under law as a commission of inquiry, tribunal or other similar body, or by any professional association which in the opinion of the Board of Directors of ADFIAP is of an established and credible stature; have been insolvent or been so declared in the past; and have been declared by a Court or other relevant body of competent jurisdiction, to be of unsound mind. Each member and officer of the Board prior to being elected and annually after election must submit to the ADFIAP Secretariat a declaration for the purpose of ensuring that the minimum corporate governance standards are adhered to by the Board.

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