Annual Report 2012 - National Savings Bank

67ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (1) The Responsibilities of the Board3 (1) (xi) There shall be a procedure agreed by the Board toenable Directors, upon reasonable request, to seekindependent professional advice in appropriatecircumstances, at the Bank’s expense.The procedure for this was approved by IRMC andcirculated to the Board for approval.Complied withThe Board shall resolve to provide separateindependent professional advice to Directors toassist the relevant Director or Directors to dischargehis/her/ their duties to the Bank.3 (1) (xii) Directors shall avoid conicts of interests, or the Complied withappearance of conicts of interest, in their activitieswith, and commitments to, other organisations orrelated parties.3 (1) (xiii) The Board shall have a formal schedule of matters Complied withspecically reserved to it for decision to ensurethat the direction and control of the Bank is rmlyunder its authority.3 (1) (xiv) The Board shall, if it considers that the Bank is, or No such situation has arisen during the year.is likely to be, unable to meet its obligations or isabout to become insolvent or is about to suspendpayments due to depositors and other creditors,forthwith inform the Director of Bank Supervisionof CBSL of the situation of the Bank prior totaking any decision or action.3 (1) (xv) The Board shall ensure that the Bank is capitalised Complied withat levels as required by the Monetary Board interms of the capital adequacy ratio and otherprudential grounds.3 (1) (xvi) The Board shall publish in the Bank’s AnnualReport, an annual corporate governance reportsetting out the compliance with Direction 3 ofthese Directions.Complied with3 (1) (xvii) The Board shall adopt a scheme of self-assessmentto be undertaken by each Director annually, andmaintain records of such assessments.Corporate Governance Report is given on page 54 in theAnnual Report.Complied withNATIONAL SAVINGS BANK . ANNUAL REPORT 2012