ADVOKS GLOBAL · KENYA
The Banking (Credit Reference Bureau) Regulations
43. Management and composition of a bureau
Edition: 2022-12-31 · In force
43. Management and composition of a bureau
(1)The management of a Bureau shall vest in a board of directors consisting of at least five directors, two-thirds of whom shall be non-executive directors.(2)A person shall be qualified for appointment as a director of a bureau if that person —(a)has been approved by the Central Bank for that purpose; and(b)is not otherwise disqualified from holding office as a director of a bureau under these Regulations.(3)The directors of a bureau shall elect from among themselves a non-executive chairperson.(4)In determining the suitability of a person to become a director of a bureau, the Central Bank may consider —(a)that person's possession of adequate professional credentials or experience or both for the position for which he is proposed;(b)that person's ability to provide dispassionate advice;(c)that person's ability to recommend sound business practices;(d)that person's ability to avoid conflicts of interest;(e)that person's ability to safeguard confidential information;(f)any other material information which in the opinion of the Central Bank has a bearing on the suitability of the person.(5)A person is not qualified to hold office as a director if that person—(a)has been convicted of an offence under the Act, the Microfinance Act (Cap. 493C) the Sacco Societies Act (Cap. 490B), or these Regulations;(b)has been convicted of a criminal offence and sentenced to imprisonment for a term exceeding six months or to a fine exceeding fifty thousand shillings;(c)has been convicted of an offence involving dishonesty or fraud, or an offence under the Anti-Corruption and Economic Crimes Act (Cap. 65);(d)is adjudged bankrupt or enters into a composition scheme or arrangement with his or her creditors;(e)has contravened the provisions of any law designed for the protection of members of the public against financial loss due to the dishonesty or incompetence of or malpractices by persons engaged in the provision of banking, insurance, investment, capital markets, pensions or retirement benefits, or other financial services;(f)has been a director of, or directly concerned in the management of, any institution which is being or has been wound up or placed under statutory management by a court;(g)has defaulted in the repayment of any advance or loan made to him or her by any institution;(h)is a minor or of unsound mind; or(i)is an auditor of the bureau or associated companies of the bureau.