Our Corporate Governance
The Bank pursues policies and strategies aimed at entrenching sound corporate governance practices. In doing this, the Bank benchmarks itself with best practice as per statute, prudential requirements and world class practice.
The Board of Directors is responsible for the governance of the Bank. To discharge its mandate effectively, the bank delegates its authority to Board Committees which meet quarterly or on ad hoc basis whenever need arises. The authority for the day to day running of the Bank is delegated to the Managing Director.
Currently, the Bank has four Board Committees, namely Board Risk Management, Board Audit, Board Credit and Board Assets and Liabilities (ALCO). All these committees operate as per the provisions of the country’s Prudential Guidelines.
In line with the Corporate Governance requirements under the Prudential Guidelines the Bank has ensured compliance in the following ways:
- The Bank has an effective independent Risk and Compliance function that monitors risk and assesses compliance.
- The Board hold quarterly Board meetings during the financial year.
- Board Committees are also held quarterly.
- In addition senior management Committees, which include EXCO, meet on a monthly basis to evaluate business and operational performances in line with the banks strategy focus.
- With the Board and Directors Charters in place, the Board conducts an annual Board Evaluation and Directors Peer Evaluation.
The Board also ensures that effective communication with the stakeholders is upheld. This is done through holding of AGM with full compliance of the requirements of the Companies Act and provision of annual Report and financial statements.