- Corporate Governance
- Committees composed by Members of the Board of Directors
- Committees composed by Members of the Management
The composition of the Audit Committee is designated by the General Meeting of Shareholders. Currently, the Audit Committee comprises five Members, out of which three are Non-Executive Independent Members. One of the Independent Members is appointed Chair of the Committee and the remainder are appointed Members of the Committee. The Chair of the Committee has the required expertise and experience to oversee the audit, accounting and financial policies and processes within the remit of the Committee. The Members of the Committee collectively possess adequate knowledge of the banking sector and in general the required knowledge, skills and experience to adequately discharge the Committee’s responsibilities.
The Audit Committee oversees the preparation and publication of the annual Financial Statements of the Bank and the Group as well as the internal and external audits of the Bank. It ensures communication of the Internal Auditor, the External Auditors and the Regulatory Authorities with the Board of Directors and evaluates the performance of the Internal Audit and Compliance Divisions. It ensures the independence of the Statutory Certified Auditors and assesses the adequacy and effectiveness of the Internal Control System of the Bank and the Group Companies.
View the Audit Committee Charter.
Risk Management Committee
The Risk Management Committee recommends to the Board of Directors the risk undertaking and capital management strategy and defines the principles of managing risk with regard to identifying, forecasting, measuring, monitoring and managing risk. It ensures the development of an in-house risk management system and evaluates reports submitted by the Chief Risk Officer. It provides for the conduct of at least annual stress tests and is informed of the sections of the report prepared by the Statutory Certified Auditors pertaining to risk management.
View the Risk Management Committee Charter.
At least one Member has sufficient professional experience in risk management.
The Remuneration Committee provides its support and advice to the Non-Executive Members of the Board of Directors on the design of the Remuneration Policies for the Bank and the Group Companies according to the relevant legislative and regulatory provisions and is responsible for the preparation of decisions on the remuneration of the Members of the Board of Directors to be taken by the Non-Executive Members.
View the Remuneration Committee Charter.
Corporate Governance and Nominations Committee
The Corporate Governance and Nominations Committee ensures that the composition, structure and operation of the Board of Directors meet all the requirements of the legal, supervisory and regulatory frameworks, pursues the application of international corporate governance best practices, formulates the nomination policy regarding candidate Members of the Board of Directors and submits relevant recommendations to the Board of Directors. It ensures the nomination of candidate Members of the Board of Directors through an effective and transparent procedure, establishes the conditions required for securing smooth succession and continuity in the Board of Directors and supervises the application of the above policies and practices as well as of their implementation procedures.
View the Corporate Governance and Nominations Committee Charter.
The Executive Committee acts as a collective corporate body of the Bank. The Committee’s powers and authorities are determined by way of a CEO act, delegating powers and authorities to the Committee.
The indicative main responsibilities of the Committee include but are not limited to the following:
The Executive Committee prepares the strategy, business plan and annual budget of the Bank and the Group for submission to and approval by the Board of Directors as well as the annual and quarterly financial statements, decides on and manages the capital allocation to the Business Units, prepares the Internal Capital Adequacy Assessment Process (ICAAP) Report and the Internal Liquidity Adequacy Assessment Process (ILAAP) Report, reviews and approves the policies of the Bank, approves and manages any collective program proposed by the Human Resources Division for the Personnel and ensures the adequacy of Resolution Planning governance, process and systems. Further to the above, the Committee is responsible for the implementation of: the overall risk strategy, including the institution’s risk appetite and its risk management framework, an adequate and effective internal governance and internal control framework, the selection and suitability assessment process for Key Function Holders, the amounts, types and distribution of both internal capital and regulatory capital and the targets for the liquidity management of the Bank.