Uganda has witnessed several large scale corporate failures in the recent years including commercial banks like the Co-operative bank, Greenland bank, The Trans-Africa bank, The Trust Bank and more recently the Crane Bank. This report analyses the role of directors in effective corporate governance of financial institutions in Uganda using Crane bank as a case in study. The study analyzed the extent to which the Financial Institutions Act 2004 (as amended in 2016), Financial Institutions (Corporate Governance) Regulations 2005 attempt to cure the mischief in Uganda in comparison with other jurisdictions using qualitative data collection methods. The findings of the study show that like many financial institutions that have collapsed over the years, poor corporate governance practices such as too much power that was vested in director(s) and a disregard of the regulatory framework greatly contributed to the financial ruin of crane bank. The research identified significant challenges that hinder the efficiency and effectiveness of the directors in financial institutions. The study recommends for diversity of the directors‟ composition and continuous mandatory training and evaluation of directors of financial institutions to create strong BODs. The Central Bank of Uganda as the Regulator must develop resources to help directors understand their responsibilities and to develop their knowledge and skills. The study also advocates for or enhanced cooperation between the banks and the regulator

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