Annual Report 2012 - National Savings Bank

191THE RESULTS OF A CHALLENGING YEARANNUAL REPORT OF BOARD OF DIRECTORSFollowing Directors have resigned and retired during the yearP.G.S. Kariyawasam - Resigned on 21-5-2012Hema Madiwela - Resigned on 18-5-2012R.A.P. Ranawaka - Resigned on 10-6-2012S. Shan Shanmuganathan - Resigned on 10-8-2012M.K.B. Dissanayake - Resigned on 08-02-2012P.A. Abeysekara - Retired on 28-02-2013Directors’ Remuneration & OtherBenefitsDetails of Directors’ emoluments andother benets in respect of the Bankand Group for the Financial year 2012are given in Note 39 to the FinancialStatements.Directors’ MeetingsThe number of Directors’ meetingswhich comprise Board Meetings, AuditCommittee Meetings, NominationCommittee Meetings and IntegratedRisk Management Committee Meetingsand the attendance of Directors atthese meetings are given in CorporateGovernance Report on pages 58 to 59of this Annual Report.Directors’ Interests in ContractsDirectors’ interests in contracts withthe Bank, both direct and indirect arereferred to in Note 39 to the FinancialStatements. These interests have beendeclared at the Board Meetings. TheDirectors do not have any direct orindirect interest in other contracts orproposed contracts with the Bank.Chief Executive Officer (CEO)The General Manager is the ChiefExecutive Ofcer of the Bank and isappointed by the Board of Directors.The General Manager has the right tobe present at, and to participate in themeetings of the Board.Board CommitteesThe Board while assuming the overallresponsibility and accountability hasalso appointed the following BoardSub-Committees to ensure conformitywith Corporate Governance Standardsof the Central Bank and other statutorycompliances.The composition of mandatory SubCommittees as at 31 December 2012was as follows.Board Audit CommitteeLionel P Fernando - ChairmanP.A. Abeysekera - Member(upto 28-2-2013)R.M.P. Ratnayake - Member(from 04-03-2013)Sumith Wijesinghe - MemberThe Report of the Board AuditCommittee is given on page 95.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012