2010 Annual Report and Financial Statements - UBA Plc

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United Bank for Africa PlcCorporate Governance Report cont’dShareholders are encouraged to communicate their opinions and recommendations whenever they see the need to do so, to eitherthe Head of Investor Relations or the Company Secretary. Their contact details are available on the bank's website and are reproducedat the back cover of this annual report.E. BOARD COMMITTEESThe board of UBA Plc has the following committees: the board audit committee, the board risk management committee, the financeand general purpose committee, the nominations and governance committee, the board credit committee and the statutory auditcommittee.Board Audit CommitteeThe board audit committee comprises the following:1. Mr. Adekunle Olumide, OON – Chairman2. Mrs. Foluke Abdulrazaq – Member3. Chief Kola Jamodu, OFR – Member4. Mr. Rasheed Olaoluwa – Member5. Mr. Kennedy Uzoka – MemberThe board audit committee was set up to further strengthen internal controls across the Group. It assists the board of directors infulfilling its audit responsibilities by ensuring that effective systems of financial and internal controls are in place within the Group.Meetings are held at least once a quarter, with the chief inspector of the bank in attendance.Attendance of Board Audit Committee MeetingsNumber ofAdekunle Olumide* 3 3Foluke Abdulrazaq* 3 3Kola Jamodu* 3 0 Appointed July 2010Rasheed Olaoluwa* 3 1 Appointed July 2010Kennedy Uzoka* 3 1+ Appointed July 2010Victor Osadolor 3 2 Member till July 2010Emmanuel Nnorom 3 1 Member till July 2010Godwin Ize-Iyamu 3 1 Member till July 2010Launce Moses 3 1 Member till July 2010Current Members*+ Attended all the meeting during the period he was a member.Number ofMembers Meetings Held Meetings Attended CommentsBoard Risk CommitteeThe board risk management committee comprises of the following directors:1. Chief Kola Jamodu, OFR – Chairman2. Mr. Phillips Oduoza – Member3. Mrs. Faith Tuedor-Matthews – Member4. Mr. Victor Osadolor – Member5. Mr. Femi Olaloku – Member6. Mr. Emmanuel Nnorom – Member7. Alhaji Jaafaru Paki – Member8. Mr. Yahaya Zekeri – Member40 Annual Report and Accounts 2010
United Bank for Africa PlcCorporate Governance Report cont’dMeetings are held at least once a quarter and the responsibilities of the committee include to review and recommend riskmanagement strategies, policies and risk tolerance for the board's approval; to review management's periodic reports on riskexposure, risk portfolio composition and risk management activities; and to consider and examine such other matters as the Boardrequires, the committee considers appropriate, or which are brought to its attention, and make recommendations or reports to theboard accordingly.Attendance of Board Risk Committee MeetingsNumber ofNumber ofMembers Meetings Held Meetings Attended CommentsKola Jamodu* 4 4Ja'afaru Paki* 4 2Yahaya Zekeri* 4 1+ Appointed July 2010Adekunle Olumide 4 2 Member till July 2010Phillips Oduoza* 4 0 Appointed July 2010Faith Tuedor-Matthews* 4 0 Appointed July 2010Victor Osadolor* 4 3Emmanuel Nnorom* 4 3Femi Olaloku* 4 4Godwin Ize-Iyamu 4 1 Member till July 2010Andre Blaauw 4 2 Member till July 2010Kevin Ugwuoke** 4 1 Appointed July 2010Current Members*+ Attended all meetings held since appointment as a member.**Not a board member, but in attendance as head of risk/complianceBoard Credit CommitteeThe board credit committee is made up of 5 non-executive directors and is responsible for approval of credit facilities in the bank. Itreviews all material credits granted by the bank and meetings are held at least once a quarter. Members of the board credit committeeare:1. Mrs. Foluke Abdulrazaq – Chairman2. Alhaji Ja'afaru Paki – Member3. Amb. Joseph C. Keshi OON – Member4. Mrs. Angela Nwabuoku – Member5. Mr. Yahaya Zekeri – MemberThe board credit committee was set up to assist the board of directors to discharge its responsibility to exercise due care, diligence andskill to oversee, direct and review the management of the credit portfolio of the Group. Its terms of reference include determining andsetting the parameters for credit risk and asset concentration and reviewing compliance within such limits; determining and settingthe lending limits; reviewing and approving the Group's credit strategy and the credit risk tolerance. The committee also reviews theloan portfolio of the Bank. It also reviews and approves country risks exposure limits. The Chief Credit Officer and the Group Chief Riskand Compliance Officer are in attendance at every meeting of the committee.Annual Report and Accounts 2010 41
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2010 Annual Report and Financial Statements - UBA Plc

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