Page 43 - 86395_CCB - 2024 Annual Report (web)

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Primary responsibilities of the Board audit functions, which inform the Board
of how the Bank is being run. The audit
While the day‑to‑day operation of the operations are not limited to financial
Bank is delegated to specific individual purposes and encompass the Bank’s
Executives as Senior Managers, the Board, structure and operations. The Board is
appointed by the shareholders to monitor also responsible for commissioning audits,
and govern the Bank’s operations, is legally to provide independent assessment and
responsible for safeguarding the interests of assurance of the Bank.
depositors and shareholders’ investments. The Board is responsible for
Although the Board does not manage monitoring conflicts of interests, both in
the Bank, one of its foremost duties is to the Bank’s Executives, and on the Board
recruit and retain suitable management. itself. If a person in a position of leadership
The Chief Executive Officer is the key has compromised motives, the Board
position, and the Board appraises him and must step in and resolve the conflict.
provides oversight and agreement to the
appointment of other Executive Directors Chair and Chief Executive Officer
and senior managers. In conjunction with
the Bank’s Senior Management team, The offices of Chair and Chief Executive
the Board is responsible for formulating Officer are distinct and held by different
priorities, goals, and strategies for the Bank. people. The main role of the Chair is
The formulation of clear objectives and to lead the Board and to ensure that it
policies provides a framework for the Chief operates effectively. The Chief Executive’s
Executive Officer to work within. role is to put into effect the strategies
The Board both lays out the Bank’s agreed by the Board and the general
goals and monitors the progress operational management of the Bank.
against these. One of its main duties in this
capacity is to limit the Bank’s exposure to
excessive risk of all kinds, including legal,
reputational, and financial. By managing
risk judiciously, the Board tries to maintain
a balance between enterprise and caution.
The Board also ensures that the Bank
complies with all applicable statutes and The Bank has a well‑established
regulations. This is achieved by monitoring corporate governance structure.
compliance with regulatory and policy
requirements via the Bank’s compliance and