A government body plans to develop training modules to sensitize directors of state-run banks and financial institutions amid criticism of the quality of corporate governance in the public sector.
The Banks Board Bureau (BBB) has decided to hire a firm to design a training programme that can be delivered online as well as through in-person sessions, showed a document available on its website.
The course content, the bureau said, should necessarily be designed for induction of new directors, the orientation of nominee directors and knowledge updates for seasoned directors. It suggested that some of the key modules can be on financial literacy, risk management and compliance, fundamentals of corporate governance and their application to building an effective organization, among others.
The bureau, which began functioning in April 2016, recommends the selection of heads of public sector banks and financial institutions and helps banks in formulating strategies as well as their fundraising plans. It also advises the government on evolving suitable training and development programmes for managerial personnel in the public sector.
According to the document, BBB plans to divide the programme into two to three separate modules. The induction module will be targeted towards all new directors; the orientation module will be designed for all new appointments or nominee directors, and the third will be a refresher module for all seasoned directors.