Members of the Board must act with integrity, exercising their Duty of Care, Duty of Confidentiality and Duty of Loyalty. They are responsible for ensuring effective control over the Bank’s entire business.
Members of the Board must ensure that a Bank and, if applicable, Group has robust corporate governance policies and processes commensurate with its risk profile and systemic importance. In the case of offering Islamic financial services, a Bank must fully comply with Shari`ah rules and establish a sound and effective Shari`ah governance framework with the key mechanisms and functionalities to ensure effective and independent Shari`ah oversight, as per the requirements set out by the Central Bank and the Higher Shari`ah Authority.
Members of the Board are responsible for approving and overseeing implementation of the Bank’s Risk Governance Framework and the alignment of its strategic objectives with its Risk Appetite.
Members of the Board are responsible for establishing and communicating corporate culture and values through measures including, but not limited to, a written code of conduct, a conflict of interest policy, a whistleblowing policy mechanism, an insider trading policy and a strong internal control environment.
Members of the Board are responsible for the organizational structure of the Bank and the Group, if applicable, including executing the key responsibilities of the Board and specifying the key responsibilities and authorities of its committees and Senior Management.
Members of the Board are responsible for overseeing Senior Management, ensuring that the Bank’s activities are carried out in a manner consistent with the business strategy, Risk Governance Framework, compensation and other policies approved by the Board.
Members of the Board are responsible for establishing a Fit and Proper Process for the selection of Senior Management, including the heads of the risk management, compliance and internal audit functions, and the maintenance of succession plans for Senior Management.