Recently you have been appointed for the Board Secretary position of the Maldives Monetary Authority (MMA), the Central Bank of Maldives. Following MMPRC scandal, it unearthed a number of serious issues from the Central Bank of Maldives in how it dealt with the alleged money laundering cases. In view of these issues, Mr. Rasheed, a newly appointed board of director, a non-executive director has asked you to provide your views on the existing governance mechanisms at MMA and how it can improve corporate governance aspects in the future. You are expected to explore and benchmark with governance aspects in central banks where it demonstrates governance best practices. Mr. Rasheed has sought your advice on the following aspects in a report format:

a. Explain what good practice suggests about an individual holding both the Chief Executive position and the Chairmans position in banks.

b. Identify the risks the bank might face by having the same person for the position of the governor and for the position of the chairman.

c. As a non-executive director, critically assess what role could be played by Mr. Rasheed in ensuring effective delivery of good governance in MMA.