James Satariano, chairman of the Institute of Directors (IoD), who have been at the forefront in promoting adoption of good governance procedures for the local business community, has announced that an MFSA-sponsored Handbook for Directors is to be published this year.

Mr Satariano stressed that the handbook project is a first for the Maltese Islands and is in line with IoD's vision of providing professional services to the business community. It is vital that directors approach their duties with professionalism, and the handbook will embody a summary of the law as it applies to directors, legal duties and responsibilities, governance issues, recommended good practice and will be structured in four distinct sections: part one will deal with the company and its board, part two will focus on directors' legal status, powers and duties, part three is centred on policy formulation and strategic thinking, and part four takes an informed look at supervision of management and accountability.

Mr Satariano thanked Professor Joe Bannister, MFSA chairman, for recognising the importance of this IoD publication and for the MFSA's primary sponsorship of the project which will also include a local Website, IoD Director Express, where company directors will be available to browse handbook highlights online.

"Directors of a company or organisation are collectively responsible for corporate governance and make the decisions that determine its prosperity and integrity. The IoD has long felt the need for a handbook that takes into account the predominance of family businesses in the local economy and the role that Maltese directors have to perform in balancing entrepreneurial functions with social, legal and cultural obligations."