Consistent with the industry’s best practice, the Board has established three Committees with defined roles and responsibilities. The Standing Committees of the Board are the Executive Committee, the Audit Committee, and the Remuneration Committee.
Has delegated authority within the overall Board authority. Provides direction to the executive management on all business matters and assumes the role of the Board to address matters arising between Board meetings. The Committee is responsible for business matters concerning credit and market risks, strategy review and recommendation to the Board.
Has responsibility to assist the Board in discharging its oversight duties relating to matters such as risk and compliance, including the integrity of the Bank’s financial statements, financial reporting process and systems, internal controls and financial controls. The Committee also, acts as a liaison between the External auditors and the Board and between the Regulators and the Board.
The role is to provide a formal and transparent procedure for developing a compensation policy for the Chief Executive Officer and senior management; ensures that compensation offered is competitive, in line with the market/peer group and consistent with the responsibilities assigned to employees. The Committee approves policies covering hiring, compensation and training. In addition, the Committee recommends to the Board special compensation plans, including annual performance bonus and short/long term incentives, to attract, motivate and retain key employees.