Governance

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Governance 2017-06-20T09:31:14+00:00

Statement on Corporate Governance

The Bank has a unitary Board of Directors comprising a non-executive chairman, five non-executive Directors and two executive Directors. The Board has adopted without modification, the major principles of modern corporate governance as contained in the reports of Cadbury and King II, and the Basel Committee on Banking Supervision.

The Board meets four times a year. There are adequate, efficient communication and monitoring systems in place to ensure that the Directors receive all relevant and accurate information to guide them in making necessary strategic decisions and providing effective leadership, control and strategic direction over the Bank’s operations, and ensuring that the Bank fully complies with relevant legal, ethical and regulatory requirements.

Board and Management Committees

There is one permanent management committee namely, the Asset and Liability Management Committee (ALCO), four permanent board committees, the Audit Committee, Credit Committee, Appointments and Remuneration Committee and Risk Committee (which comprises both Directors and senior management).

Additionally, there is an informal Business Promotion Committee which comprises branch managers, senior management, two non-executive Directors and one executive Director. This Committee meets regularly, usually once a month, and reviews the Bank’s market position relative to its peers, and sets operational strategy to maintain and grow market share.