Dhaka:Bangladesh Bank has announced stringent eligibility criteria for the appointment of Chief Financial Officers (CFO), Chief Information Technology Officers (CTO), and Company Secretaries in all banks and financial institutions operating within the country.
According to United News of Bangladesh, the central bank issued a directive emphasizing the necessity of assessing candidates' professional competence, educational qualifications, work experience, personal integrity, and financial standing. The directive explicitly prohibits individuals with convictions for criminal offenses, regulatory violations, corruption, or moral turpitude from holding these positions.
The new guidelines, sent to managing directors and CEOs of all commercial banks and non-bank financial institutions, follow previous regulations related to the appointment of board directors, managing directors, CEOs, and advisors.
Under the directive, candidates are disqualified if they have been convicted of criminal offenses, penalized for regulatory law violations, or dismissed due to money laundering, corruption, fraud, or moral degradation. Additionally, individuals involved in illegal activities, declared bankrupt, or identified as loan defaulters are barred from appointment. Appointed officials are also restricted from any conflict-of-interest business relationships with their institutions.
For CFOs, the required experience is tied to the institution's loan and investment volume. Institutions with over Tk 1,000 crore in loans/investments require candidates to have at least 10 years of experience, including 3 years in accounting and taxation. For those below Tk 1,000 crore, 8 years of experience is needed, with 3 years in accounting and tax roles. Candidates must have a Master's degree in relevant fields, with preference for professional degrees such as CA, CMA, or CFA.
CTOs must have a minimum of 8 years in the IT sector, with 5 years in banking or financial institutions, and hold at least a bachelor's degree in IT-related fields. Preference is given to those with specialized IT or computer science credentials.
Company Secretaries need 8 years of experience, including 4 years in a board secretariat or compliance role, or 3 years as a Company Secretary in a listed company. They must hold a Chartered Secretary degree recognized by the Institute of Chartered Secretaries of Bangladesh and a bachelor's degree in any field.
Although banks must adhere to these criteria, Bangladesh Bank's formal approval is not required for appointments to these positions.