Corporate Governance Statement
Risk Committee Key responsibilities include: • Approving principles, policies, strategies, processes and control frameworks for the management of risk including the Risk Management Framework; • Advising the Board on current and emerging risks; • Setting and monitoring risk culture; • Determining policies that ensure the strategy is adhered to and monitoring adherence to those policies; and • Assisting the Board in formulating its risk appetite and reviewing and monitoring it for consistency with the risk appetite. Director Nominations Committee The purpose of the Director Nominations Committee is to assess all Directors, including existing Directors, prior to their appointment or election. This is in accordance with the Board’s Fit and Proper Policy and APRA’s Fit and Proper Prudential Standard and APRA’s Banking Executive Accountability Regime (BEAR). The Committee also assesses all senior managers against the Fit and Proper Policy of the Bank except for the CEO who is assessed by the Board. Remuneration Committee The Remuneration Committee sets the parameters for the remuneration of directors and the Chief Executive Officer whilst recognising the Unity Bank Constitution and its Governance policy. It proposes to the Board remuneration for directors and the Chief Executive Officer in line with the Bank’s strategic plan, budget and succession plans. Corporate Governance Committee The primary objective of the Corporate Governance Committee is to assist the Board in promoting and developing governance practices. The Committee’s key responsibilities are to: • Monitor corporate governance developments and bring to the Board’s attention matters of importance and recommendations for improvement; • Review and recommend amendments to the guidelines for Directors and monitor compliance; • Review and recommend to the Board this Corporate Governance Statement for inclusion in the Annual Report; • Recommend policies and guidelines for matters of governance generally, including the process of disclosure of information from the Board to members; • Review and recommend preferred attributes for the nomination of potential Board appointed directors; and • Develop and oversee a director educational programme.
Unity Bank Annual Report 2022 | 23
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