Terms of Reference of Corporate Governance (CG)Expert/Advisor

Job Description:

One of the primary roles of RMA is to promote sound financial practices and good CG in the financial services industry to protect against systemic risks. Currently, there are five banking financial institutions and four non-bank financial institutions. The banking institutions are: i) Bank of Bhutan Ltd., ii) Bhutan National Bank Ltd., iii) Druk PNB Bank Ltd., iv) Bhutan Development Bank Ltd., and v) T Bank. The non-bank financial institutions include, i) Royal Insurance Corporation Ltd., ii) Bhutan Insurance Ltd., iii) National Pension and Provident Fund, and iv) GIC-Bhutan Re Ltd.

The CGUnitis proposed to be established under RMA to strengthen CG in the financial services industry. The Unit shall be headed by an Expert/Advisor. The overall role of is to spearhead and oversee the promotion and monitoring of CG practices in the financial services industry.

Specific Roles and Responsibilities:

The Expert/Advisor shall:

  1. conduct periodic study on how CG can be improved in the Financial Institutions in Bhutan,
  2. develop and review policies/codes and frameworks/guidelines and manuals on CG and sound financial practices such as framework/guidelines for risk management, financial disclosures and reporting guideline, principles on equitable treatment of shareholders, procedures for board directors appointment and approval, framework for board/CEO performance evaluation and feedback mechanism,
  3. develop CG action plan in line with RMA Act, CG best practices and Royal Stock Exchange guiding principles,
  4. develop tools for onsite inspection and offsite supervision to monitor CG compliances,
  5. monitor the compliance of CG policies/codes and other legal and regulatory requirements,
  6. conduct due diligence for the appointment of board directors in financial institutions and ensure that they meet the requirements on fitness and propriety established by RMA,
  7. conduct onboarding/orientation programs for new board directors of financial institutions,
  8. develop and conduct professional development trainings and awareness workshops for board directors and senior management on CG and sound financial practices in collaboration with Financial Institutions Training Institute (FITI),
  9. network with regional and international agencies/experts to bring in international best practices on regulation and governance of financial institutions,
  10. increase visibility of RMA’s good CG practices among the internal and external Financial Institutions and professionals bodies,
  11. be the focal point at RMA for the financial institutions in dealing with matters related to CG and reporting requirements, and
  12. liaise with other Unit to ensure effective coordination for supervision and monitoring of financial institutions,
  13. train the staff of the CG Unit, ensure that they are fully equipped with technical knowhow to take over the Expert/Advisor’s role within three to five years,
  14. prepare reports and recommendations to Board Directors of RMA to improve CG, and
  15. undertake any other tasks assigned by the Governor and the Board of Directors of RMA.

Qualifications, Skills and Experience:

The candidate should have the following academic qualification, skills and experience:

  • Should have prior experience in CG, performance management, financial system regulations and compliance,
  • Certification or/and any training availed on CG and related subjects and literary contribution made in the areas of CG shall be given preference,
  • Should have excellent interpersonal and communication skills,
  • Should have excellent knowledge and skills in designing training contents and delivery of CG and Corporate/Financial Performance Management programs at the executive levels.

Employment Type:

  • The position shall be employed on contract for a period of three years (maybe extended based on individual performance or the requirement of the organization for an additional term of three years).

Remuneration and Other Benefits:

# / Academic qualification / Experience required / Previous
Position held / Remuneration
1. / Minimum of Masters degree in economics, business Administration (finance), Accounting and Law. / Minimum of 10 years of work experience with a minimum of 3 years in P1(A) position for civil servants or at general manager position for corporate/private sector employees. / Chief/P1 / (a)Basic: Nu. 50,870.00 per month
(b)Contract Allowance: 30% -50% (Basic)
(c)House rent : 20% (Basic)
(d)Communication Allowance: Nu.1000 per month
(e)Fuel Allowance : Nu.5000 per month
(f)Other allowances/benefits : as per the RMA Service Regulations

Salary and benefits shall not be a bar and it shall be negotiated based on the relevant experience, qualification and the credentials of the selected candidate.

Note: Just meeting the minimum qualification, experience/skills advertised for post does not mean automatic shortlisting for the interview. A committee shall be formed to shortlist the candidates (certain number to be decided by the committee based on the pool of applicants) through preliminary screening and to conduct due diligence and the interview for shortlisted candidates.

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