Role of the Board

The Board is responsible to shareholders for creating and delivering sustainable shareholder value through defining the bank’s strategy, monitoring its implementation and assessing performance against strategy goals. 

The roles of the Chairman and Chief Executive are separate and the Board has agreed their respective responsibilities.  The Chairman’s main responsibility is to lead and manage the work of the Board to ensure that it operates effectively and fully discharges its legal and regulatory responsibilities. Non-executive Directors, based on their knowledge and experience, challenge and monitor the strategy and policies recommended by the Chief Executive.

The Board has delegated the responsibility for the day-to-day management of the bank to the Chief Executive.  However, the Board defines the bank’s risk appetite and ensures that decisions are taken within the predetermined limits. The Board plays a crucial role in setting up effective internal control standards in accordance with the best business practices.  Additionally, the Board is responsible for ensuring that the financial resources necessary to meet strategic objectives are in place through regular monitoring of financial performance, funding and aggregated risk positions.

Induction and training of Directors

On appointment to the Board and to Board Committees, all Directors receive an induction tailored to their individual requirements.  The induction, which is arranged by the Board Secretary, includes meetings with external consultants and the bank’s top management, to provide them with a proper understanding of the bank’s business and the key challenges it faces.  Directors are also invited to visit the bank’s branches to observe the business operations on the ground.