The Board delegates authority for the day-to-day management of the business to the Chief Executive Officer, who is supported by a qualified senior management team and three management committees: the Management Committee; Asset Management Committee; and Assets, Liabilities, and Investments Committee (ALIC).
Asset Management Committee
This committee oversees the fiduciary responsibilities carried out by the Asset Management unit in managing clients’ discretionary portfolios as well as the funds operated and managed by SICO. It also reviews the investment strategy of the funds and portfolios; reviews and approves asset allocations; and reviews subscription and redemptions and adherence to client guidelines.
Asset, Liabilities, and Investments Committee (ALIC)
ALIC acts as the principal policymaking body responsible for overseeing the Bank’s capital and financial resources. It is also responsible for managing the balance sheet and all proprietary investment activities, including investment strategy and asset, country, and industry/sector allocations. The committee is specifically responsible for managing the balance sheet risk; capital and dividend planning; forecasting; and monitoring interest rate risk positions, liquidity, and funds management. The committee is also responsible for formulating and reviewing the Bank’s investment policies (subject to approval by the Board), strategies, and performance measurement and assessment.
Internal Control Committee
The committee oversees the Internal Control functions carried out by SICO’s various departments. The remit of the ICC is to explore methods for strengthening the internal control culture throughout the Bank by ensuring that each department head takes ownership, responsibility, and accountability for internal control.
The committee is entrusted with the responsibility to consult and advise the Board of Directors in assessment and decision-making concerning the Bank’s system of risk management, internal control, and corporate governance.