The Board of Directors is responsible for the overall direction, supervision and control of the Bank. Specific responsibilities of the Board include laying down and approving the business objectives of the Bank, approving strategies and policies which need to be pursued in order to achieve these objectives, and reviewing on an on-going basis the performance of the Bank in relation to its stated objectives as well as adherence to policies.
The role of the Board of the Bank includes the following:
Establishing such committees of the Board as the Board may deem necessary to discharge its responsibilities effectively;
Establishing such procedures as may be necessary to resolve conflicts of interest, including techniques for the identification of potential conflict situations and for restricting the use of confidential information;
Taking into account the requirements of the banking laws, establishing such procedures as may be necessary to provide disclosure of information to customers and other parties having a direct interest in the financial institution;
And approve major policies of the financial institution, including, as applicable, investment, lending and risk management policies and standards and procedures in respect of such policies;
Determining the Bank’s purpose, strategy and values;
Monitoring and evaluating the implementation of strategies, policies, management performance and business plans;
Defining levels of materiality, reserving specific powers for itself and delegating other related matters with necessary written powers to management;
Identifying key risk areas and key performance indicators of the Bank;
Ensuring compliance with the banking laws, guidelines and instructions issued by the central bank and the bank’s constitution and by laws.
Board Sub Committees The Board has constituted the following committees to assist effective implementation of its responsibilities;