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Corporate Governance


Introduction

The bank recognizes the need to conduct its business with integrity and in accordance with generally accepted corporate practice. The Bank will continue to focus its attention on maintaining the highest standards of corporate governance.


Shareholders' Responsibilities

The shareholders' role is to appoint the Board of Directors and the independent auditors. This role is extended to holding the board accountable and responsible for efficient and effective governance.


Board of Directors

The Directors are responsible for the governance of the bank and for conducting the bank’s business and operations within the generally accepted corporate practices, in a manner based on transparency, accountability and responsibility. The board is chaired by a non-executive director and includes six other non-executive directors. Various committees, whose chairpersons report to the board, supplement the functions of the board.


Human Resources Committee

The Committee decides on recruitment of staff members, their placements, promotions, transfers and benefits to the employees. The Committee also monitors the training imparted to staff members.


Executive committee

The Committee reviews implementation of various projects and approves policies with regard to the operational areas. The Committee also ensures adherence to the strategic plan approved by the Board.


Risk and Compliance Committee

The Committee reviews the risk and compliance reports presented to it by the respective departments. The Committee also reviews the observations given in the report and recommends remedial measures wherever necessary.


Credit Committee

This committee is responsible for considering new credit proposals, reviewing credit appraisals and evaluating them strictly in accordance with the bank’s credit policy as approved by the Board.


Audit Committee

The responsibilities of this committee are to review all areas affecting the operations of the bank. In addition, the committee deliberates on the significant findings arising from internal and external auditors and also from inspections by the supervision department of Central Bank of Kenya.


Debt Management Committee

This committee is responsible for monitoring and giving guidance to the management of accounts falling under the category of Sub-standard, Doubtful and Loss.


Assets & Liabilities Management Committee (ALCO)

The committee is responsible for the monitoring and management of liquidity risk, interest rate risk, exchange rate risk, and compliance with statutory requirements governing liquidity, cash ratio and foreign exchange exposure, investment policies and determining interest rates.


IT Committee

The committee is responsible for recommending IT strategies to the bank in light of changing technology and external factors, and formulating IT policies for maintaining effective use of available IT resources. The committee also monitors and reviews IT projects and provides guidance to the management. The committee is responsible for approving the most effective mechanisms for supplying Information Technology facilities and infrastructures needed to deliver the business requirements as per the Bank's strategy.


Operations Committee

It is charged with the responsibility of evaluating the bank’s technical operational requirements in line with changing customer' needs.


Employees

The bank adheres to the banking code of ethics, which requires all employees to conduct business with the highest standards of personal and corporate integrity. Each member of staff is required to sign a declaration of secrecy. The bank encourages dialogue and participation from all employees through staff meetings, which are held every month.


Publications of Accounts

The bank’s results are published in the daily newspaper every quarterly, in line with the Central Bank of Kenya requirements.


Shareholders

Shareholders' Name % Of Share Holding
Jamson Ltd 10.66%
Crason Ltd 10.66%
Nason Ltd 10.66%
Casa Ltd 9.19%
Nasa Ltd 9.19%
Jamar Ltd 9.19%
Prime Trustee Ltd 10.66%
Capital Nominees Ltd 10.66%
Prime Capital Holdings Ltd 19.13%
   
Total 100%