The fundamental purpose of any company is the creation and delivery of long-term sustainable shareholder value in a manner consistent with its obligations as a responsible corporate citizen, and corporate governance must be seen in this context.
Marcus Agius
Group Chairman
6 March 2012
- Board Corporate
Governance and
Nominations Committee
(Group Chairman and
four independent
non-executive Directors) - Board Audit Committee
(Five independent
non-executive Directors) - Board Risk Committee
(Five independent
non-executive Directors) - Board Remuneration Committee
(Three independent
non-executive Directors
and the Group Chairman) - Board Citizenship
Committee
(Group Chairman and
two independent
non-executive Directors)
Board Corporate Governance and Nominations Committee
| Board Corporate Governance and Nominations Committee | % |
|---|
In order to deliver our strategy, we need the right people. The Board Corporate Governance and Nominations Committee has a key role in reviewing new appointments and succession plans to ensure that we have a Board and an executive management team with the appropriate skills, knowledge and experience to operate effectively in an ever challenging environment.
Board Audit Committee
| Board Audit Committee | % |
|---|
It is important that we generate income in a sustainable way and manage our risks and costs properly, without eroding the controls we have in place. The Board Audit Committee has a key oversight role in ensuring that our financial statements are a true and fair representation of our financial position and strength and that our control environment is robust and maintained.
Board Risk Committee
| Board Risk Committee | % |
|---|
Understanding, monitoring and mitigating risk is a fundamental task for any board. The Board Risk Committee plays a critical role in setting the tone and culture that promotes the achievement of effective risk management across the Group and has provided oversight of, and advice on, both our risk appetite and risk management and our capital and liquidity strategies.
Board Remuneration Committee
| Board Remuneration Committee | % |
|---|
The debate on executive remuneration has continued, with particular focus on the relationship between bonus payments and company performance. It is essential that we reward our people appropriately, that their pay reflects performance and that we do not incentivise them to take inappropriate levels of risk. The Board Remuneration Committee provides direction and oversight of remuneration policy.
Board Citizenship Committee
In 2011, we strengthened our governance framework by creating a Board Citizenship Committee as a formal sub-committee of our Board of Directors. The committee is chaired by Group Chairman Marcus Agius and includes two non-executive Directors.
Progress against our priorities is reviewed regularly and formally assessed at least twice yearly by the Board Citizenship Committee and the Executive Committee. A range of management committees are responsible for specific aspects of Citizenship performance.
Management
- Chief Executive
- Executive Committee
(Business Unit Heads and the Heads of Key Group Control Functions)
- Management Committees
(including Disclosure Committee, Group Governance and Control Committee, Financial Risk Committee, Operational Risk Committee, Treasury Committee)
