Our Board
Our Board, guiding us on our way
Our Board provides strategic advice and direction to the bank while upkeeping regulatory standards. Collectively, our Board advises in the interest of shareholder value and long-term protection for employees and other stakeholders.
There are currently five directors on the Board of ClearBank Limited, comprising the Chair, the Independent Non-Executive Directors and the Executive Directors (Chief Executive Officer and Chief Financial Officer). The Independent Non-Executive Directors represent the single largest group on the Board.
The Board recognises that exemplary standards of Corporate Governance throughout the bank are essential for the delivery of the company’s strategic objectives, regulatory standards, compliance, shareholder value and long-term protection for employees and other stakeholders.
It is recognised that good governance should emanate from the Board and disseminate through the entire organisation, being reflected in its culture, committees, policies and procedures. The Board’s Terms of Reference include a formal schedule of matters specifically reserved for the Board, which are reviewed annually.
At the highest level, the Board is responsible for the governance of the bank, monitoring its risk appetite, compliance, operating framework, systems and controls as set out by the relevant regulatory bodies. In order to provide effective oversight and leadership, the Board has established a number of Board Committees with specific responsibilities.
The Board Risk Committee is responsible for the bank’s Enterprise Risk Management Framework. Similarly, the Board Audit Committee, is responsible for the oversight of the integrity of the bank’s financial statements and the performance of the Internal Audit Function.
The Board also has a Remuneration Committee and a Nominations Committee.
Reporting directly to the Board, the Executive Committee (“ExCo”) is the highest form of executive corporate governance and runs the day-to-day operations of the bank. The ExCo meets monthly, and each Executive is responsible for compiling departmental reports to the Board Risk Committee and Board Audit Committee. The Board and the Board Risk Committee are also directly supported by the Enterprise Risk Management Committee and the Executive Customer Committee.