Terms of Reference:
The Board Human Resources and Remuneration Committee (BHR&RC) is responsible for ensuring that the Bank manages its Human Resource in light of the best practices of the industry. The responsibilities of the BHR&RC include reviewing and recommending Human Resource Management policies to the Board of Directors in light of local and international best practices which also include but is not limited to remuneration practices defined by the State Bank of Pakistan, recommending to the Board the selection, evaluation, compensation (including retirement benefits) and succession planning of key personnel. The Committee also makes recommendations to the Board regarding the structure of Compensation package of Executive Directors, President & Chief Executive Officer, Key Executive, and of any other employee or group of employees along with ensuring implementation of separate remuneration structures for material risk takers and material risk controllers. The committee also monitors the training activities, utilization of training and development budget and implementation of approved training and development policy of the Bank to ensure that members of the staff are adequately trained for the job they are expected to perform.
Terms of Reference:
The Board Risk Management Committee (BRMC) is responsible for assessing Bank’s policies on all major risk categories including credit, market, liquidity and operational risk and adequacy of the risk management function of the Bank. The BRMC reviews adequacy of the Bank’s capital in accordance with laid down rules and regulations as per Basel Accord. It also reviews the techniques developed and implemented to measure the Bank’s risk exposure. Its responsibilities also include evaluation of the risk profile and appetite of the Bank and ensuring that systems are in place for monitoring overall risk of the Bank. The Committee reviews exception reports highlighting deviation from the approved policies as well as deliberates upon risk related reports including early warning signals of potential risks emerging from Bank’s activities.
Terms of Reference:
The Board Audit Committee (BAC) is responsible for determination of appropriate measures for safeguarding the Bank’s assets; review of quarterly, half-yearly and annual financial statements; review of management letter issued by external auditors and management’s response thereto; review and implementation of the scope, extent and plan of internal audit / Shariah audit; review of internal audit strategy; consideration of major findings, internal investigations of activities characterized by fraud, corruption and abuse of power and management’s response thereto; ascertaining that the internal control systems are adequate and effective; determination of compliance with relevant statutory requirements; monitoring compliance with the best practices of corporate governance and identification of significant violations thereof and oversight of implementation of Internal Controls over Financial Reporting (ICFR) program across the Bank, review effectiveness of whistle blowing procedures; ensure effectiveness of overall management of compliance and AML risk and consideration of any other issue or matters as my be assigned by the Board of Directors.
Terms of Reference:
The Board Information Technology Committee (BoIT) is responsible for advising and reporting to the Board on status of technology activities and digital initiatives for their ease in decision making, reviewing IT and digital strategies as well as relevant policies before submission to Board. BoIT review and approves technology-related policies periodically in light of major technological/regulatory developments and ensures risk management strategies are designed and implemented to achieve resilience such as ability to respond to wide scale disruptions, including cyber-attacks and attacks on multiple critical infrastructure sectors. The Committee also receives periodic updates from IT Steering Committee to monitor all technology-related projects and ensures that technology procurements are aligned with the IT strategy approved by the Board. The Board IT Committee shall also approve all cloud-based outsourcing arrangements in line with the policy approved by the Board. If deemed necessary, the Committee may seek expert opinion from independent sources wherein the quorum will comprise of any two members.
Terms of Reference:
The Committee is responsible for reviewing and approving the Bank’s transition plan for IFRS9 implementation. It is required to review progress against the transition plan on a quarterly basis. The Committee is also responsible to ensure smooth implementation of IFRS9 within the timelines stipulated by the State Bank of Pakistan.
As at December 31, 2020
EY Ford Rhodes
Haidermota & Co. Advocates
