At FNB Botswana we run a tight ship. By following regulations and being audited regularly, we ensure that we offer you, the client, the best and most transparent service out there.
The Board appoints a minimum of two non-executive Directors to the Audit Committee. It has written terms of reference, which clearly set out its authority and duties. The external and internal auditors have free access to this committee.
It meets with management and both the internal and external auditors periodically to review the financial statements and accounting policies, systems of internal control, the interim financial information and the effectiveness of the internal audit function and to discuss the auditor's findings. The external auditors are appointed each year based on the recommendations of the Audit Committee.
The establishment of the Central Bank, the Bank of Botswana, was preceded by negotiations for a monetary agreement with South Africa in 1972.
A Monetary Preparatory Commission was appointed a year later, composed of Mr H.C.L. Hermans as Chairman (Permanent Secretary, Ministry of Finance and Development Planning, at the time), Mr P.H.K. Kedikilwe (Director of Financial Affairs, Ministry of Finance and Development Planning, at the time), Professor A.N. Mcleod of York University in Canada and Advisors from the International Monetary Fund.
On September 6, 1974, the first President, Sir Seretse Khama, announced the Government's decision to withdraw from the Rand Monetary Area.
In April 1975, to legislate the establishment of a central bank and the framework to govern financial institutions that would fall under the supervision of the Central Bank, the Bank of Botswana and Financial Institutions bills were passed.
Visit the Bank of Botswana website.
This is a voluntary Code followed by banks in their relations with their customers in Botswana. It sets standards of good banking practice that are followed as a minimum by the banks subscribing to it. As a voluntary Code, it allows competition and market forces to operate to encourage higher standards for the benefit of customers.
The standards of the Code are encompassed in the nine key commitments below. These commitments apply to the conduct of business for all products and services provided to customers.
The Code provides valuable safeguards for customers. It will help them to understand how banks are expected to deal with them. Customers should establish who subscribes to the Code by either consulting the list on the last page or by contacting the Banker's Association of Botswana.
The internal audit function is independent of management. It examines and evaluates the bank's activities with the objective of assisting members of executive management to carry out their responsibilities.
It also looks at how the bank secures its assets, the management of resources and the way operations are conducted. The head of internal audit has unrestricted access to the Chairman of the Audit Committee.
The Financial Institutions Department of the Bank of Botswana strives to promote the soundness of banks through effective supervision. In doing so it contributes towards a stable and efficient payments and banking system.
The supervisory environment promotes sound risk management in banks, together with good corporate governance, transparency and full disclosure.
For more information visit the Bank of Botswana website.