Board Committees
Investment Committee

Objectives

  • Review investment policies and procedures to monitor application of and compliance with said policies
  • Approve and recommend relevant investment decisions to the Board where appropriate (as defined in the Investment Policy Guidelines and Restrictions)
  • Review strategic and budget business plans prior to submission to the Board
  • Review and approve the Bank’s monthly financials
  • Oversee the Bank’s financial and investment affairs 
  • Review major organizational changes

Audit Committee

Objectives

  • Review the Bank’s accounting and financial practices
  • Review the integrity of the Bank’s financial and internal controls and financial statements
  • Recommend the appointment, compensation and oversight of the Bank’s External Auditors
  • Recommend the appointment of the Internal Auditor
  • Review the Bank’s Compliance procedures and Regulatory matters
  • Review the Bank’s Risk Management systems

Nomination, Remuneration, and Corporate Governance Committee

Objectives

  • Identify and screen suitable and qualified candidates to serve as members of the Board of Directors, Chief Executive Officer, Chief Financial Officer, Corporate Secretary, and any other officers of the Bank considered appropriate by the Board when such positions become vacant, with the exception of appointment of the Internal Auditor, which shall be the responsibility of the Audit Committee 
  • Submit recommendations, including candidates for Board membership, to the entire Board of Directors, who in turn should include these recommendations in the agenda for the next Annual Shareholder Meeting
  • Review and recommend SICO’s remuneration policy to determine whether it is in line with the CBB’s sound remuneration principles
  • Review the Bank's remuneration policies and amounts for approved persons and material risk-takers, which must be approved by the shareholders and be consistent with the Bank’s corporate values and strategy 
  • Approve the remuneration policies and amounts for approved persons and material risk-takers, as well as the total variable remuneration to be distributed taking into account total remuneration including salaries, fees, expenses, bonuses, and other employee benefits
  • Approve, monitor, and review the remuneration system to ensure the system operates as intended
  • Recommend Board members’ remuneration based on their attendance and performance as well as compliance with Article 188 of the Company Law 
  • Review the Bank’s existing Corporate Governance policies and framework
  • Advise the Board on the Bank’s public reporting of information on Corporate Governance practices and issues
  • Provide a formal forum for communication on Corporate Governance issues between the Board and management