Corporate Governance focuses on the relationships between a company’s management, board, shareholders and other stakeholders and provides the structure through which the company’s objectives are set, and the means of attaining those objectives and monitoring performance are determined. Good corporate governance for banks seeks to balance the stakeholders’ interests by ensuring efficient processes to set corporate objectives; operate the bank’s business on a day-to-day basis; meet the obligation of accountability to shareholders and take into account the interests of other recognized stakeholders; align corporate activities and behavior with the expectation that banks will operate in a safe and sound manner and in compliance with applicable laws and regulations; and protect the interests of depositors. A central tenet of FEB’s philosophy is to ensure that interests of stakeholders are all optimally aligned.
The role and nature of the Board of Directors and its committees are vital elements to establishing a framework for mitigating risks, allocating resources and making decisions with full accountability based on all available information.
Board of Directors
The Board of Directors is the most senior body of FEB. The Board takes responsibility for the strategy and management of the company and for the supervision of its executive management. The Board defines the bank’s risk principles and determines its risk capacity.
The Board appoints its Chairman and the various Board committees. Currently FEB has the following Board committees:
- Board Investment Committee (BIC)
- Board Audit & Risk Committee (BARC)
- Nomination, Remuneration and Governance Committee (NRGC)
The Board committees are assisted in carrying out their duties by the following management committees that also ensure appropriate controls and processes are in place:
- Executive Management Committee (EMC)
- Management Risk Committee (MRC)
- Human Resources Committee (HRC)
- Asset and Liability Committee (ALCO)
- Information Technology & Security Steering Committee (ITSSC)
Corporate Governance Review
FEB is committed to continuously review and develop its corporate governance standards. It will seek to continuously enhance the existing framework to ensure compliance with the requirements of the jurisdictions within which it operates and that it closely follows internationally accepted best practices.