Cap. 590 Art. 24Board of administration.

(1) The licence holder shall ensure that -

(a) members of its board of administration shall at all times be of sufficient good repute, possess sufficient collective knowledge, skills and experience and commit sufficient time to perform their duties and be able to understand the licence holder’s activities, including the main risks. In this regard, the licence holder shall devote adequate human and financial resources to the induction and training of members of its board of administration;

(b) the number of positions as administrator which may be held by a member of its board of administration at the same time shall take into account individual circumstances and the nature, scale and complexity of the licence holder’s activities; and

(c) each member of its board of administration shall act with honesty, integrity and independence of mind to effectively assess and challenge the decisions of the senior management where necessary and to effectively oversee and monitor management decision-making.

(2) The board of administration of the licence holder, or the licence holder itself in the case of an individual, shall be vested with the responsibility to abide by all requirements under this Act and any regulations made and rules issued thereunder:

Provided that the board of administration or the licence holder itself, as applicable, shall not be held responsible when they prove that they have acted in good faith pursuant to their fiduciary obligations and in terms of applicable legislation.