Corporate Governance
CG-1 - Governance
CG-1.1 - Roles and Responsibilities of the Board of Directors
The Board of Directors shall assume the following main roles and responsibilities:
A. Setting Up and Developing Work Strategies, Objectives and Policies.
B. Organizational Structure Formation for the Bank or the Other Financial Institution.
C. Formation of Committees and Delegation of Powers and Authorities.
D. Monitor the Implementation of Policies and Performance and Risk Assessment.
E. Appointment of Internal Auditing Staff and Monitoring.
F. External Auditor Approval.
G. Responsibility towards the Shareholders and Other Parties.
H. Responsibility towards QCB.
I. Responsibility for the adequacy of control systems, and the relationship management with the service provider.
CG-1.1.1 - Setting Up and Developing Work Strategies, Objectives and Policies
A. The Board of Directors should provide the Executive Management with definite work strategies, policies and plans, by which the objectives of the Bank or the other financial institution could be achieved. The Board of Directors should occasionally review and develop such strategies and policies, consistent with the developments and changes at the local, regional, and international levels, taking into account QCB's framework for licensing regulations and instructions.