Corporate Social Responsibility Report 2008 As ... - Access Bank

Corporate Social Responsibility Report 2008
Board Audit Committee
The Committee assists the Board in fulfilling its oversight
responsibility relating to the integrity of the Bank’s
financial statements and the financial reporting process;
the independence and performance of the Bank’s internal
and external auditors; and the Bank’s system of internal
control and mechanism for receiving complaints regarding
the Bank’s accounting and operating procedures. The
Bank’s Chief Internal Auditor and Chief Compliance Officer
have access to the Committee and make quarterly
presentations to it. The Committee met four times during
the 2008/2009 financial year.
Executive Committee (EXCO)
The Executive Committee (Exco) is made up of the Group
Managing Director as Chairman, the Group Deputy
Managing Director and all the Executive Directors as
members. The Committee meets to deliberate and take
policy decisions on the management of the Bank. It is
primarily responsible for the implementation of strategies
approved by the Board and ensuring the efficient
deployment of the Bank’s resources.
Management Committees
These are Standing Committees made up of members of
the Bank’s senior management. The Committees are risk
driven and are set up to identify, analyse and make
recommendations on risk pertaining to the Bank’s day to
day activities. They ensure that the risk limits set by the
Board and the regulatory bodies are complied with and
also provide inputs to the various Board Committees in
addition to ensuring the effective implementation of risk
polices. They meet as frequently as risk issues occur and
take actions and decisions within the confines of their
powers.
The Committees are Management Credit Committee,
Asset and Liabilities Committee, Enterprise Risk
Management Committee, Criticized Assets Committee and
Corporate Social Responsibility Committee.
Shareholder’s Audit Committee
In compliance with Section 359 of the Companies and
Allied Matters Act of Nigeria, the Bank has constituted a
Standing Shareholders Audit Committee made up of three
non-executive directors and three shareholders. The
composition of the Committee is as set out below:
Mr. Kayode Ayeni (Shareholder) Chairman
Mr. Oritsedere Otubu (Director) Member
Mrs Mosunmola Belo-Olusoga (Director) Member
Dr. Cosmas Maduka (Director) Member
Mr Idaere Gogo Ogan (Shareholder) Member
Mr. Oluwatoyin Eleoramo (Shareholder) Member
Independent/Non-Executive Directors
Access Bank currently follows the Central Bank of Nigeria
Guidelines on the appointment of independent directors.
The Guidelines define an independent director as follows:
“An Independent Bank Director, would be a member of
the Board of Directors who has no material relationship
with the bank or any of its officers, major shareholders,
subsidiaries and affiliates; a relationship which may impair
the director’s ability to make independent judgments or
compromise the director’s objectivity in line with
Corporate Governance best practices”.
There are two Independent Directors and eight Non-
Executive Directors on the Board.
Managing relationships with shareholders
As a means of achieving best practice in investor relations,
the Bank appointed Africa Practice and Financial Dynamics
(APFD) as our strategic advisor on investor and financial
public relations. This appointment marked a milestone in
the Bank’s development and commitment to applying
best practice not only in the way the Bank communicates
with its stakeholders, but also reflects the Bank’s
increasing international profile and fast expanding
international investor shareholder base.
As a means of achieving broader investor relations
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