Botswana Building Society (“BBS”), led by its Managing Director Mr. Pius Komane Molefe, has been consulting Members across the country on the plan to commercialise BBS.
The Botswana Building Society Board of Directors and Management embrace the principles of corporate governance of openness accountability and integrity. The Board continually strives to achieve its fundamental corporate objectives through an effective system that ensures that policies, structures and mechanisms are periodically reviewed and adapted to reflect applicable best practices.
A board comprising 12 Directors is responsible for policy direction, ensuring that appropriate internal controls, business management strategies and risk management policies are in place. The Board is also committed to the highest standards of corporate governance and compliance with the provision of the Building Societies Act and the Rules of the Society. For operational purposes, the Board has delegated most of the responsibilities to the Managing Director.
The Society’s Board and Management are fully committed to putting in place of effective risk management so that business objectives are met and that profits and growth continue to be realised and sustained. The company’s risk framework targets areas of strategy, operations, finance and compliance. All risks are channelled to the Board through Executive Management on periodic basis. Awareness and understanding of the company’s risk framework is established at all appropriate levels of the organisation. A process of identifying, evaluating and managing such relevant or significant risk has been adopted and remains the responsibility of BBS Management.
Corporate Governance Structures
The Society’s Board adopted the introduction of additional structures to enhance the Society’s corporate governance structure. The Board has constituted committees to enable it to carry out its mandate. These are:
Human Resources and Remuneration Committee
Finance and Audit Committee
The Tender committee is part of a governance body that seeks to ensure that tenders are awarded in fairness and in line with good practice. There are Tender Procurement Rules and Procedures which set out in clear terms, the rules and regulations to be applied to the purchasing of all goods and services and the sale of unserviceable supplies and property for Botswana Building Society and its operations