The Board and its Committees

The Company is led by a Board comprising Non-Executive and Executive Directors with significant experience in financial services and deep relationships in its core markets. The appointment of Directors is considered by the Nomination and Remuneration Committee and then the Board. Non-Executive Directors are appointed for three-year renewable terms.

The Board is required to meet at least three times a year. The Board has a programme designed to enable the Directors to review corporate strategy and the operations and results of the business and to discharge their duties within a framework of prudent and effective controls relating to the assessment and management of risk.

The matters specifically referred to the Board include the approval of the annual report and financial statements; the payment of dividends; the long-term objectives of the Group; the strategies necessary to achieve these objectives; the Group’s budgets and plans; significant credit exposures; significant capital expenditure items; significant investments and disposals; the organisational structure of the Group; the arrangements for ensuring that the Group manages risk effectively; any significant change in accounting policies or practices; the appointment of the Group’s main professional advisers; and the appointment of senior executives within the organisation.

The Board has delegated to the Committees of Rasmala the power to make decisions on operational matters, including those relating to credit, liquidity, operational and market risk, within an agreed framework.

All Directors have access to the services of the Company Secretary, and independent professional advice is available to the Directors at the Group’s expense, where they judge it necessary to discharge their duties as Directors.