The Board Committees include: the Audit Committee, the Risk Committee, the Remuneration Committee, and the Special Credit Committee.
The Audit Committee assists the Board in the proper discharge of its duties, especially those related to selecting and enhancing the qualifications and independence of external and internal auditors, fairness of the financial statements and related disclosures. This committee is also entitled to ensure compliance with applicable laws and regulations.
The Risk Committee assists the Board of Directors in fulfilling its tasks and supervisory role in properly applying the Bank's Risk Management framework as stipulated in the regulations issued by BDL and the Banking Control Commission (BCC) Circulars.
As per BDL Circular No. 133, the Bank established a Remuneration Committee for the purpose of setting the remuneration principles and standards for Bankmed’s staff of all levels. The Committee also oversees the proper implementation of both the Remuneration Principles and Remuneration framework.
The Bank formed a Board Special Credit Committee. The Committee is responsible for evaluating and refusing (when deemed necessary) any new credit or increase in credit limits granted by the Bank’s Executive Credit Committee (ECC) to a client, or several clients forming a single economic group or an interconnected group that leads to a total exposure of USD 100 million or more, net of limits secured by cash collaterals.
The Board and its relevant Committees meet regularly with the Heads of Internal Audit, Risk and Financial Control to review policies and to ensure that control functions are properly staffed and that their responsibilities are carried out effectively. The Board and Senior Management assess the quality of Corporate Governance at the Bank on an ongoing basis. The assessment is based on the reviewed results of the activities at the Bank, completed by all control units and by the Bank’s independent examiners.