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Corporate Governance in Banking: an Assessment of the Existing Legal Framework

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Corporate Governance in Banking: an Assessment of the Existing Legal Framework CORPORATE GOVERNANCE IN BANKING: AN ASSESSMENT OF THE EXISTING LEGAL FRAMEWORK BY SSONKO ROBERT LLB/39136/123/DU A RESEARCH DISSERTATION SUBMITTED TO FACULTY OF LAW IN PARTIAL FULFILLMENT FOR THE REQUIREMENTS OF THE AWARD OF BACHELORS DEGREE OF LAWS OF KAMPALA INTERNATIONAL UNIVERSITY SEPTEMBER, 2016 DECLARATION I hereby declare that this research project is my original work and has never been presented to any other university before for academic credit or any other purpose. Where other people's work has been used, due acknowledgement has been made. ~ · Stgnature ..................... Date ....~ ·' ·. \~~ . .l. ~ .1. 6. SSONKO ROBERT ii APPROVAL I certify that Mr. SSONKO ROBERT carried out this research under my supervision and has submitted with my approval as the University Supervisor. Signature ...................................... .. iii DEDICATION With gratefulness, I dedicate this work to my mother Miss Nabadda Scolla. My father Mr. Livingstone Ssemwanga , my auntie Miss Nantale Milly, my guardians Malcolm and Jill Preece and my pastor Mr Abdul Kisakye for having strived in mentoring me till this day and through their toil, sacrifice and hard work, they made me attain this level of education. This work is with delight dedicated to my sister Miss Nakiwala Justine and all my relatives for their tireless work towards my education, may God reward them abundantly. My God given friends Nelly, Saul, Eric, Dick, Daniel, Alex and Sam, You guys, I believe when God created you, He must have been thinking about me. iv ACKNOWLEDGEMENT Many of us have dreams or ambitions we hope to fulfill some day. My own to write a book to be read by masses might never have succeeded had it not for my almighty God for giving me the love, wisdom, confidence and grace which has been sufficient for me throughout my education and this research. Also my lecturers who have enabled me acquire knowledge. Special thanks go to my great supervisor who has worked tirelessly and sacrificed her time from commencement to denouncement of my research to ensure that I do not only complete this research but also be well equipped for any other research that might come my way. l owe huge thanks to all my Law discussion group members right from first year to the final semester mostly, Alex, Rogers, Abby and Philip. You stand to be heattedly treated and thanked because without you getting through would have been a myth. Special thanks go to all faculty staff members and, and the entire school of Law and all that I have not been able to mention because the list is endless. v TABLE OF CONTENTS DECLARATION ........................................................................................................................... ii APPROVAL .................................................................................................................................. iii DEDICATION .............................................................................................................................. iv ACKNOWLEDGEMENT ............................................................................................................ v CHAPTER ONE ............................................................................................................................ l I .0 Introduction ............................................................................................................................. I 1.1 Background of the Study: .......................................................................................................... I 1.2 Statement of the Problem: ......................................................................................................... 2 1.3 Objectives ofthe Study: ............................................................................................................ 3 1.4 Hypothesis: ................................................................................................................................ 3 1.5 Methodology: ............................................................................................................................ 4 1.6 Literature Review: ..................................................................................................................... 4 CHAPTER TW0 ........................................................................................................................... 9 2 .0 Regulatory frame work of corporate Governance in Banking ................................................ 9 2.1 Introduction .......................................................................................................................... 9 2.2 The Rationale for Regulation .............................................................................................. 9 2.3 Salient features of corporate governance laws and_regulations ............................................ 12 2.4 Critic of the laws and regulations ....................................................................................... 20 2.5 Conclusion ......................................................................................................................... 21 CHAPTER THREE .................................................................................................................... 22 3 .Olmplementation and Challenges of Corporate Governance in Banking .................................. 22 vi 3.1 Implementation of Corporate Governance ............................................................................. 22 3.2Challenges in the implementation of Corporate Governance: ................................................. 26 CHAPTER FOUR ....................................................................................................................... 30 4 .0 The growth of Corporate Governance ................................................................................... 30 4.1 Introduction ............................................................................................................................ 30 4.2 Indicators of Growth of corporate Governance ..................................................................... 3D 4.3 Assessment of Growth of Corporate Governance ................................................................. 33 CHAPTER FIVE ......................................................................................................................... 36 · 5 .0 Recommendations and conclusion ......................................................................................... 36 5.1 Recommendations: ............................................................................................................... 36 5.2 Conclusion: ........................................................................................................................... 38 REFERENCES ............................................................................................................................ 39 APPENDIX .................................................................................................................................. 41 vii CHAPTER ONE 1 .0 Introduction 1.1 Background of the Study: Uganda's banking sector suffered a crisis in the 1990s when a number of commercial banks failed to continueoperations and the central bank had to close them. Commenting on the situation then, the central banks public relations directorstated thus, "it is a troubled period but we are confident that the banking system will emerge strengthened" 1 the closed banks included international credit bank, Greenland bank2 The proprietor of the closed banks was a significant point of concern since all the closed banks 3 were owned by Ugandans , while foreign owned banks on other hands were not affected. Local banks were those founded and controlled by mainly Ugandans holding more than 50% of the capital in those banks while foreign banks were those that originated from outside Uganda usually with dominant foreign ownership. It is noted that banks unlike local banks do not deal with the best interests ofUgandans, they tend to centre their operations in only urban areas therefore local banks need to be strengthened to be able to provide banking services to the larger Ugandan population. However despite the need to strengthen local banks, these banks was due to both external and internal reasons, the ultimate cause of individual bank failure stemmed from the failed banks 4 often caused by the owners and managers of the banks • In the case of Greenland bank, in the run up to its closure, the audit rep0115recommending fresh injection capital, strengthening of management and rationalizing of the role of board of directors. A memorandum of understanding was signed between the bank and central bank requiring it to 11 Andrew Meldrun "African business journal" 'ICB closed in 1998 and Greenland in 1999. 3 Andrew Mal drum ibid. 4 Prof. ErisaOchieng," commercial bank Failure in Uganda: Causes and Remedies" The Uganda Banker val 6 No.4 Dec 1998. 5 Audit report by Prince Waterhouse coppers. 1 take corrective measures to put the bank back on sound financial footing, but before this could materialize, other facts emerged regarding the banks irregular dealings with Uganda commercial bank this led to the eventual sacking ot the board of directors and the managing director. 6 According to McNaughten , the composition, role, responsibility and accountability of the board of directors influence a banks behavior, most failed banks had weak boards which lacked banking knowledge. This is
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