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ii) Overseeing and evaluating the conduct of the
Bank’s businesses and to evaluate whether the
business is being properly managed. In this
respect, the Board must ensure that there are
objectives in place against whichManagement’s
performance can be measured.
iii) To set corporate values and clear lines of
responsibility and accountability that is
communicated throughout the Bank. There
should be a clear division of responsibilities
at the helm of the Bank, which will ensure a
balanced and clear line of role, responsibility,
authority and accountability throughout
the Bank.
iv) To approve new investment, divestments,
mergers and acquisitions, including the
establishment of subsidiaries, joint ventures,
equity acquisition or strategic alliances both
locally as well as abroad.
2. Internal Controls
i) The Board has overall responsibility for
maintaining sound internal control systems
that cover financial controls, operational and
compliance controls as well as risk management
to ensure shareholders’ investment, customers’
interests and the Bank’s assets are safeguarded.
ii) The Board ensures the system of internal
controls is reviewed on a regular basis.
3. Business Operations
i) Veto loans/financing/credit insurance related
facilities for amounts as prescribedby theBank’s
Approving Authority and Authority Limits (AA
and AL).
ii) To oversee the conduct of the Bank’s business,
to evaluate whether the business is effectively
managed and to ensure that the operation of the
business are conducted within the framework
of relevant laws, policies and guidelines.
iii) To consider and approve the annual financial
statements including interim and final dividend
to Shareholders.
4. Management Oversight
i) To ensure that there is a managed and effective
process to select and appoint competent senior
management officers of the Bank.
ii) To recommend to the Ministry of Finance (MoF)
the appointment/reappointment, removal,
termination and terms and conditions of
service of P/CEO of the Bank.
iii) To approve succession planning policy and
continuously monitor P/CEO and senior
management officers’ performance.
iv) To approve key human resource matters
including selection, recruitment, termination
and promotion of senior management officers.
v) To approve human resource policies including
compensation package and benefits pertaining
to Management and staff of the Bank.
vi) To approve changes to the corporate
organisation structure of the Bank.
5. Responsibilities in relation to Anti-Money
Laundering and Counter Financing of Terrorism
Act 2001 (AMLATFA)
To maintain adequate oversight of the overall
Anti-Money Laundering and Counter Financing
of Terrorism (AML/CFT) measures undertaken and
be fully committed in establishing an effective
internal control system, including but not limited
to the following:-
i) To ensure that the required AML/CFT measures
are in place;
ii) To set minimum standards and approve the
AML/CFT policies, procedures and controls;
iii) To designate compliance officers at senior
management level with sufficient authority;
iv) To regularly review and assess the measures
adopted and implemented for AML/CFT;
EXIM Bank Annual Report 2013
049