The Board is the ultimate decision making body of the bank and acts independently of shareholders and investors.
The Board has a principal fiduciary responsibility to promote the success of the Bank for the benefit of its stakeholders including customers and deposit holders.. The Board ensures that the Management Team achieves the right balance between promoting long-term growth and delivering short-term objectives.
Summary of matters reserved to the Board
The Directors are responsible for;
- Preparing the Strategic Report, Directors’ Report and the financial statements in accordance with applicable UK law and regulations for each financial period. Under UK law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Bank and of the profit or loss of the Bank for that period.
- Keeping adequate accounting records that are sufficient to show and explain the Bank’s transactions and disclose with reasonable accuracy at any time the financial position of the Bank and enable them to ensure that the financial statements comply with the Companies Act 2006.
- Safeguarding the assets of the Bank and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Roles of Executive and non-executive directors
Executive Management manage the Bank's business on behalf of the Board. Therefore the Board is precise over what they delegate to executive management and are aware of the limitations and accountabilities associated with each of the matters that are delegated.
The Board holds management to account against the matters delegated and are able to challenge the executives effectively and promptly.
Knowledge and experience of non-executive directors
Between them the non-executive directors have sufficient current and relevant knowledge and experience, including sector experience to understand the key activities and risk involved in the Bank's business model to provide effective challenge.
The Board has a diversity of experience and capacity to provide effective challenge across the full range of the Bank's business.
Board time and resources
The non-executive directors have ensured to the Bank that they have sufficient time to fulfil their duties and the Board has set clear expectations when recruiting new non-executives.
Meetings are organised to provide adequate time to deal with each of the matters to be covered.
The Board has paid close attention to the skill, experience and effectiveness of it's members.
The Board has a robust success plan in place that addresses the unexpected loss of the Bank's key individuals.
The Board oversees the design and operation of the Bank's remuneration ensuring the incentives within the Bank are aligned with its risk appetite.