Role and responsibilities
The primary function of the Audit Committee is to assist the Board of Directors in discharging its oversight responsibilities, primarily relating to the:
- Review of the adequacy of the Internal Control Risk Management systems.
- Compliance with rules and regulations monitoring process.
- Review of the financial reporting process and satisfaction as to the integrity of the Bank’s Financial Statements.
- External Auditor selection, performance and independence, and effectiveness and performance of the Internal Audit and of the Compliance function.
The Audit Committee reports to the Board of Directors on its activities once every 3 months. It convenes 8 times a year or more often, depending on the circumstances. It submits its minutes and the annual report on its activities to the Board of Directors.
Appointment and office term
The Audit Committee consists of members appointed by the General Meeting upon recommendation of the Board of Directors.
The current Audit Committee consists of:
- 3 Independent Non-Executive Directors of the BoD. One of them serves as Committee Chairman.
- 2 Non-Executive Directors of the BoD. One of them serves as HFSF Representative (HFSF). The HFSF appoints its observer on the Nomination Committee in compliance with the provisions of the Relationship Framework Agreement (RFA).
The office term of the Committee members coincides with the office term of the Board of Directors, with the option to renew their appointment. In any case, the office term in the Committee should not be more than 12 years in total.