Governance Framework

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 procedures.

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.

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What type of security must I provide for a loan at Agribank?

Loans are granted against security of fixed property, investment or any other acceptable form of security (fixed deposits, investments and surrendering value of policies). read more

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