Holding board meetings abroad: SBP prescribes conditions for banks

The State Bank of Pakistan (SBP) has decided that banks incorporated in Pakistan having foreign participation/equity can hold board meetings abroad in the following manner in a calendar year. Banks having more than 51 percent foreign shareholding can hold maximum of four board meetings.
Those having more than 40 percent but less than 51 percent foreign shareholding can hold three board meetings. Banks having more than 30 percent but less than 41 percent foreign shareholding can hold one board meeting, but banks having less than 30 percent foreign shareholding are not eligible to hold board meeting abroad.
The banks concerned will, however, inform SBP in writing as and when they hold meetings abroad. This supersedes BPD Circular letter No 06 dated February 22, 2006.