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Gibraltar Continues Financial Sector Support To Africa

by Jason Gorringe, Tax-News.com, London

30 March 2012


Gibraltar's Financial Services Commission has announced the recent completion of two further assignments as part of an initiative to assist international improvements in financial sector supervision, particularly in African nations.

In its latest contribution, the FSC held workshops on board responsibility and oversight for insurance companies in Rwanda and Zambia.

Funded by the Commonwealth Secretariat, the Rwandan National Bank and the Zambian Pension and Insurance Authority, the workshops covered a number of areas ranging from the role of boards, corporate governance, board behaviour and diversity and risk mitigation. Present at each workshop were approximately fifty to sixty CEOs and board members of the main insurance companies and brokers in the jurisdictions.

The main speaker at the workshops was the Commission’s CEO Marcus Killick, who commented:

“We are delighted to continue our involvement in this important project of the Secretariat. Failures in corporate governance were a major cause of the 2007/2008 crisis and supervisors around the world are now tackling the issue to ensure it does not reoccur.”

“These efforts, backed by increased requirements coming from the international standard setting bodies such as the International Association of Insurance Supervisors and the Basel Committee on Banking Supervision, mean that the importance of the role of the boards of licensed institutions as well as their duties and responsibilities are truly getting the attention they need.”

TAGS: Gibraltar | law | insurance | offshore | corporate governance | Rwanda | Zambia | standards | regulation

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