GOVERNANCE

Corona Virus Advisory from NIC - Click here for more details..

Audit Committee

Role:

The Board Audit Committee is responsible for overseeing the company’s internal control framework. The committee shall perform an assessment of the effectiveness of the internal control framework on a periodic basis through the evaluations carried out by the company Internal Audit.  Also, the committee shall report to the Board the results of the assessment on the adequacy of existing controls and processes. The Committee is also responsible for the recruitment, dismissal, performance evaluation and remuneration recommendation of the Head of Internal Audit. In conducting its role the Committee coordinates closely with the Board Risk Committee and the Board Nomination & Remuneration Committee.

Furthermore, the committee  is responsible for the monitoring of the performance of External Auditors and coordinating with them on subjects related to audit and financial statements.

Quorum:

A quorum of two Members is required to convene a meeting. A new meeting must be convened if this quorum has not been attained. Only members of the Committee, the Secretary of the Committee and the Group Chief Internal Auditor shall be entitled to attend the Committee meetings. However, members of management or representatives and other specialists may be invited to attend meetings at the request of the Committee.

Risk Committee

Role:

The Board Risk Committee is responsible for the review and monitoring of the company’s risk profile, risk strategy, risk appetite and risk controls. It also administers and manages the Group capital requirements by ensuring that the company maintains an appropriate level and quality of capital and liquidity in line with its activities. The Committee also reviews the Stress Test scenarios and result of the company. In addition the Committee reviews the compliance risk processes, anticipates the impact of regulatory change,ensures accountability of risk management, and flags any high-risk actions/transactions as required internally and by the regulators. The Committee is also responsible for the recruitment, dismissal, performance evaluation and remuneration recommendation of the Chief Risk Officer. In conducting its role the Committee coordinates closely with the Audit Committee and the Nomination & Remuneration Committee.

Quorum:

A quorum for any meeting shall be two members. In the absence of the Committee Chairman, the present remaining members shall elect one of themselves to chair the meeting.

Corporate Governance Committee

Role:

The Corporate Governance Committee supports the Board in the review of the Group Corporate Governance principles and practices at regular intervals.

The Committee is responsible for monitoring the robustness of the policies and procedures developed, and the effective implementation of the disclosure framework. Furthermore, the Committee supervises the process of monitoring and reporting of conflict of interest & Related Party Transactions. The Committee is supported by the company’s Corporate Governance Office. In conducting its role the committee coordinates closely with the Risk Committee and the Nomination & Remuneration Committee.

Quorum:

A quorum of two Members is required to convene a meeting. A new meeting must be convened if this quorum has not been attained. Only Members of the Committee and the Secretary of the Committee shall be entitled to attend the Committee meetings. However, members of management or representatives and other specialists or professional advisors may be invited to attend meetings at the request of the Committee.

Nomination Committee

Role:

The Board Nomination Committee is responsible for the nomination of potential members, on boarding and training of new members and training and raising the awareness of the Board of Directors.  The Committee also initiates and oversees the evaluation process of the Board and Committees. The committee is supported by the company’s Corporate Governance Office. In conducting its role, the Committee coordinates closely with the Board Audit Committee and the Board Risk  Committee.

Open chat
Direct Sales Service