Corporate Governance

This section outlines the Bank’s adherence to Article 96 of the fourth Capital Requirements Directive (CRD IV) whereby the Bank has to have a section on its website outlining compliance with articles 88 to 95 of the Directive.




The Bank’s governance arrangements are in line with the principles set out in article 88 of the fourth Capital Requirements Directive 2013/36/EU (CRD IV).


The Board of directors carries the overall responsibility for the management of the business and affairs of the Bank. The Board ensures that the Bank manages its risks in the most effective manner and it also approves and oversees the execution of the Bank’s strategic objectives and internal governance. The Board confirms adherence to the integrity of the accounting and financial reporting systems, operational controls and compliance with the laws and applicable standards.


In addition, the Board oversees the process of disclosure and communications and is responsible for providing effective oversight of senior management.


The Board


All members of the board are of good repute and possess sufficient knowledge, skills and competency to perform their duties in the most effective manner. These essential qualities also help them to understand the institution’s activities together with the main risks of the Bank. The members of the Board also commit sufficient time to perform their functions in the institution. Every member of the Board acts with honesty, integrity and independence of mind to effectively assess and challenge the decisions of the senior management and the Bank has policies in place to ensure this.


The Bank devotes sufficient human and financial resources to the induction and training of all the members of the management body and also ensures to benefit from a broad set of qualities and competences when recruiting members to the management body.




The Bank’s Remuneration Policy is in line with the requirements of Article 92 of CRD IV and complies with the relevant principles in relation to the size, nature, scope and the Bank’s activities. It is consistent and promotes sound and effective risk management and does not encourage risk taking that exceeds the level of tolerated risk of the Bank.


In addition, the Bank’s Remuneration Policy is in line with the business strategy, objectives, values and long term interests of the Bank and is subject to reviewing for compliance with policies and procedures for the remuneration adopted by the Management Body. 



Disclosures relating to the Bank's remuneration and return on assets can be found in the Bank's annual report