Investment Committee
Objectives:
- Review investment policies, and procedures to monitor the application of, and compliance with, the investment policies
- Approve and recommend (where appropriate) to the Board, relevant investment decisions (as defined in the Investment Policy Guidelines and Restrictions)
- Review strategic and budget business plans prior to submission to the Board
- Review financial performance
- Oversee the financial and investment affairs of the Bank
- Review major organisational changes
Audit, Risk and Compliance Committee
Objectives:
- Review the Bank’s accounting and financial practices
- Review the integrity of the Bank’s financial and internal controls and financial statements
- Recommend the appointment, compensation and oversight of the Bank’s External Auditors
- Recommend the appointment of the Internal Auditor
- Review the Bank’s Compliance procedures and Regulatory matters
- Provide active oversight on the risk management framework, approve risk policies and limits and ensure adequacy of risk controls.
Nomination, Remuneration, and Corporate Governance Committee
Objectives:
- Identify and screen suitable and qualified candidates as members of the Board of Directors, or Chief Executive Officer, Chief Financial Officer, Corporate Secretary and any other officers of the Bank considered appropriate by the Board, and as and when such positions become vacant; with the exception of the appointment of the Internal Auditor, which shall be the responsibility of the Audit Committee
- Submit its recommendations, including candidates for Board membership, to the whole Board of Directors, which in turn should include them in the agenda for the next Annual Shareholder Meeting
- Review and recommend the remuneration policy of SICO in line with CBB sound remuneration principles
- Review the Bank’s remuneration policies for the approved persons and material risk-takers, which must be approved by the shareholders and be consistent with the corporate values and strategy of the Bank
- Approve the remuneration policy and amounts for approved persons and material risk-takers, as well as the total variable remuneration to be distributed, taking account of total remuneration including salaries, fees, expenses, bonuses and other employee benefits
- Approve, monitor, and review the remuneration system to ensure the system operates as intended
- Recommend Board members’ remuneration based on their attendance and performance as well as compliance with Article 188 of the Company Law
- Review the Bank’s existing Corporate Governance policies and framework
- Advise the Board on the Bank’s public reporting of information on Corporate Governance practices and issues
- Provide a formal forum for communication between the Board and Management on Corporate Governance issues