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Monday, 22 June 2009

Board directorship limited to one bank

The UAE Central Bank has come out against directors sitting on the boards of more than one bank.

As part of a new draft law and guidelines for corporate governance released last week for UAE banks, the apex bank said: "There are limits on the number of external appointments you can accept and you should not accept an appointment to be a director of more than one bank. You should always consider the calls before accepting an appointment."

It also said directors should attend all board meetings for which they are required. The guidelines also stressed the need for directors to disclose any other board or external appointments.