The Board appoints subcommittees comprising Board members. Each of the subcommittees conveys information on its activities to the Board.
The subcommittees are: Board Audit Committee; Board Risk Management Committee; and the Board Corporate Governance, Compensation and Human Resource Committee.
Board Audit Committee
The Board Audit Committee, comprising three Board members, assists the Board in fulfilling its oversight responsibilities concerning the financial reporting process, the system of internal control, the audit process, and the Bank’s process for monitoring compliance with laws and regulations and its code of ethics. The Audit Committee’s remit includes the parent company, its subsidiaries, and the group as a whole.
Board Risk Management Committee
The Board Risk Management Committee, comprising three Board members, is responsible for assisting the Board of Directors in providing oversight of senior management’s activities in managing risks relevant to the Bank’s operations. It is also responsible for reviewing the Risk Management and Internal Control Policy set by the Board.
Board Corporate Governance, Compensation and Human Resource Committee
The Board Corporate Governance, Compensation, and Human Resource Committee, comprising three Board members, aims to assist the Board of Directors in overseeing the development and assessment of the Bank’s approach to corporate governance issues. Furthermore it is responsible for providing oversight regarding compensation and human resource issues, ensuring that they are consistent with the Bank’s culture, objective, strategy and environment.
For further information on the role and responsibility of Board subcommittees, please review the chapter on Corporate Governance in the Annual Report.
Last updated 31 January 2017