The Board of Directors is accountable for implementing an
effective governance framework within the Bank.In this regard, the Board implements mechanisms to safeguard the
interests of the Bank and its stakeholders. The Bank actively seeks to comply
with applicable laws and regulations as well as its own policies and
The Board consists of five non-executive directors who are
appointed by the shareholder based on their skills, experience and expertise in
fields critical to the Bank’s performance. The role, functions and powers of
the Board are derived from the Bank’s Establishment Act, applicable laws,
regulations, corporate governance best practices as well as approved policies.
The Board’s main responsibilities are, inter alia: Setting the Bank’s
strategy and overall direction in line with the shareholder’s mandate;
Bringing independent, informed and effective judgment to bear on material
decisions affecting the Bank; Approval of annual business plans and budgets –
inclusive of both operational and capital budgets; Ensuring that an effective
governance framework is in place in the Bank; and, The hiring and firing of
the Chief Executive Officer.
The Board meets quarterly or at any ad hoc times as
circumstances require. Directors have access to any such information from the
Bank or any senior employee of the Bank as they may need to exercise their
independent judgment on the affairs of the Bank; and may seek independent
advice individually or collectively on any matter concerning the Bank should
they need to do so in fulfillment of their fiduciary mandate.