The Board has direct oversight of the risk management of the bank.
The Board has delegated some of its responsibilities to two Board committees to oversee specific components of corporate governance and these committees, composed exclusively of Non-Executive Directors, meet at regular intervals throughout the year. These committees are:
- Audit Committee
- Remuneration and Nominations Committee
- Risk Committee
The Chairman and Chief Executive Officer attend the Remuneration and Nominations Committee meetings. Each of the Board Committees has Board approved terms of reference setting out their responsibilities. The Board's Committees have access to sufficient resources to perform their duties.
The Board has further delegated certain responsibilities to a number of executive level risk management committees which operate within their respective terms of reference:
- Asset and Liability Committee (“Alco”)
- Credit and Operational Risk Committee
Each management committee has Board approved terms of reference setting out its responsibilities. The management committees are responsible for oversight, monitoring and reporting on the Bank’s adherence to the risk appetite and soundness of the risk management systems and controls. The Board has made provisions for each management committee to have access to sufficient resources to perform its duties.
The Board has appointed a Chief Executive Officer to lead the accomplishment of the Wyelands Bank’s mission and vision and to perform the role of managing the day to day operations. The Chief Executive Officer, in turn, convenes an Executive Committee (“Exco”) to lead and coordinate the day to day management.
Furthermore, the Board reviews and approves a suite of frameworks, manuals, policies and procedures which provide the executive and other staff members with the Board’s operating and performance principles and against which the Board measures and monitors adherence. For example, the Board maintains Risk Management, Corporate Governance, Nominations to Board Policy and Conflict of Interest Policies.
If you require a copy of the terms of reference for the Board or its Committees, please make a written request to the Company Secretary at our registered address.