Annual Report 2012 - National Savings Bank

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58ROOTED IN OUR HERITAGEGOVERNANCE REPORTThe Committees stated in the previouspage provide effective managementpractices while complying withCorporate Governance procedures. TheBoard Sub Committees are headed byBoard member approved and appointedChairmen (enlisted) while the functionsare carried out by the committeeapproved Secretaries who are the Headsof the respective Divisions.The General Manager/CEO heads alloperational committees. All committeesare operated as per charters approvedby the Board of Directors. The BoardSub-Committees meet quarterly whileoperational committees meets as perthe respective Charters. All committeesadhered to their delegated authoritiesduring the year except for “The FinanceShare Transaction” which took placewithout following the sound investmentapproval process functioning at theBank. The impact of this incident wasof reputational loss although there wasno direct nancial loss.Attendance of the Board Members for Board Meetings during the Year 2012Name of DirectorDate Appointed Eligible to Attend AttendedPresent DirectorsMr. Sunil S. Sirisena - Chairman 06.08.2012 08 08Mr. S.T. Abeygunawardana, Working DirectorRe-appointed on08 0806.08.2012Mr. P.A. AbeysekaraRe-appointed on06 0622.08.2012Mr. D.L.P.R. Abeyaratne 09.02.201208 07Acting Chairman from23.05.2012 to 05.08.2012Mr. Lionel P. Fernando 06.08.2012 08 08Mr. Sumith Wijesinghe 06.08.2012 08 06Mr. Priyantha Jayawardena 06.08.2012 08 07Directors who were on the previous BoardDate Resigned Eligible to Attend AttendedName of DirectorMr. P.G.S. Kariyawasam - Chairman 21.05.2012 09 09Mr. S.T. Abeygunawardana,18.05.201209 08Working DirectorRe-appointed on 06.08.2012Mr. P.A. Abeysekara Re-appointed on 22.08.2012 09 09Mr. M.K.B. Dissanayake 08.02.2012 02 01Mr. H. Madiwela 18.05.2012 09 09Mr. R.A.P. Ranawake 10.08.2012 09 08Mr. S. Shan. Shanmuganathen 10.08.2012 09 08NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
59ROOTED IN OUR HERITAGEGOVERNANCE REPORTBoard Sub CommitteesScope, functions and attendanceof committee meetings during theyear 2012 are given below for theBoard appointed sub-committees inaccordance with the Banking ActDirection No. 12 of 2007.1. Board Audit Committee (BAC)Scope of the Board Audit Committee(BAC)The scope of the Board AuditCommittee is principally to assist theBoard of Directors in fullling itsoversight responsibilities. To maintainthe integrity of the Bank’s FinancialStatements, BAC reviews nancialinformation of the Bank in its AnnualReport, quarterly reports publishedreviews signicant nancial reportingjudgments contained in them, andreviews all processes leading to them.In reviewing the Bank’s Annual Reportand accounts and quarterly reportsbefore submission to the Board, theCommittee focuses their attentionparticularly on major judgmental areas,any changes in accounting policies andpractices, signicant adjustments arisingfrom the audit, the going concernassumption and the compliance withrelevant accounting standards andother legal requirements.The Committee also assists the Boardin assessing the risk managementsystem of the Bank thus ensuring thatthe Bank has a comprehensive policyon risk management; and monitoringthe effectiveness of the Bank’s riskmanagement system.It would also assess the Bank’s compliancewith legal and regulatory requirementsby reviewing the effectiveness of thesystem of monitoring compliance withlaws and regulations and the results ofmanagement’s investigation and followupof any instances of non-compliance.The Board Audit Committee Report isgiven on page 96.2. Human Resources andRemuneration Committee(HRRC)Scope of the HRRCThe Human Resources andRemuneration Committee (HRRC)formed under the Banking ActDirection No. 12 of 2007 is responsiblefor determining the remuneration policyincluding salaries, allowances and othernancial payments relating to Directors,Chief Executive Ofcer and KeyManagement Personnel of the Bank,other than the remuneration determinedby the Collective Agreement.The Committee sets goals and targetsfor the Directors, CEO and the KeyManagement Personnel and evaluatesthe performance of same againstthe set targets and goals periodicallyand determines the basis for revisingremuneration, benets and otherpayments of performance basedincentives. Developing and reviewingHR development strategies on behalfof the Bank and maintaining aconsultative role with the other BoardSub-Committees and operationalcommittees on all human resourceissues, including matters relatingto all staff, are among the primaryresponsibilities vested in the HRRC.The Human Resources & RemunerationCommittee Report is given onpage 98.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
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ROOTEDANNUAL REPORT 2012
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ROOTEDNATIONAL SAVINGS BANK l ANNUA
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5MISSIONProviding our customers wit
Page 9 and 10: 7ROOTEDFor over 40 years, the Natio
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Page 13 and 14: 11HOW WE PERFORMED IN 2012FINANCIAL
Page 15 and 16: 13CHAPTER 1FIRMLY ANCHOREDSTRATEGY
Page 17 and 18: 15A MESSAGE FROM MR SUNIL S. SIRISE
Page 19 and 20: 17A MESSAGE FROM MR SUNIL S. SIRISE
Page 21 and 22: 19A REVIEW BYMR. HENNAYAKE BANDARAG
Page 23 and 24: 21A REVIEW BY MR HENNAYAKE BANDARAG
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Page 27 and 28: 25CHAPTER 2HOW WE PERFORMED IN 2012
Page 35 and 36: 33HOW WE PERFORMED IN 2012ECONOMIC
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Page 39 and 40: 37HOW WE PERFORMED IN 2012ACHIEVEME
Page 41 and 42: 39HOW WE PERFORMED IN 2012OPERATION
Page 53 and 54: 51HOW WE PERFORMED IN 2012FUTURE PL
Page 55 and 56: 53CHAPTER 3ROOTED IN OUR HERITAGEGO
Page 57 and 58: 55ROOTED IN OUR HERITAGEGOVERNANCE
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Page 91 and 92: 89ROOTED IN OUR HERITAGEGENERAL MAN
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Page 105 and 106: 103CHAPTER 4ASSESSING AND MANAGING
Page 107 and 108: 105ASSESSING AND MANAGING OUR RISK
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109ASSESSING AND MANAGING OUR RISK
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137CHAPTER 5BRANCHING OUT INTO NEW
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139BRANCHING OUT INTO NEW VENTURESS
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173BRANCHING OUT INTO NEW VENTURESG
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183CHAPTER 6THE RESULTS OF A CHALLE
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185THE RESULTS OF A CHALLENGING YEA
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251CHAPTER 7ANNEXURESNATIONAL SAVIN
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253STATEMENT OF FINANCIAL POSITION
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255TEN YEARS AT A GLANCE(Rs Mn)Year
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257OUR PRODUCTS AND SERVICESSAVINGS
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259OUR PRODUCTS AND SERVICES19. Ran
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261OUR PRODUCTS AND SERVICESOUR EXT
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263BRANCH NETWORKCentral Province1.
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265CORRESPONDENT BANKSCiti Bank NA,
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267EXCHANGE COMPANIESHabib Qatar In
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269GLOSSARYCredit RatingsAn evaluat
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271GLOSSARYReturn on Average Assets
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273CORPORATE INFORMATIONCOMPLIANCE
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Annual Report 2012 - National Savings Bank

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