Annual Report 2012 - National Savings Bank

68ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (2) Board’s Composition3 (2) (i) The number of Directors on the Board shall not beless than 7 and not more than 13.3 (2) (ii) (A) The total period of service of a Director otherthan a Director who holds the position of ChiefExecutive Ofcer shall not exceed nine years.3 (2) (ii) (B) A Director who has completed nine years as at1st January 2008, or who completes such termat any time prior to 31st December 2008, maycontinue for a further maximum period of 3 yearscommencing 1st January 2009.3 (2) (iii) An employee of a bank may be appointed, electedor nominated as a director of the Bank (hereinafterreferred to as an ‘Executive Director’) provided thatthe number of Executive Directors shall not exceedone third of the number of directors of the Board.In such an event, one of the Executive Directorsshall be the Chief Executive Ofcer of the Bank.3 (2) (iv) The Board shall have at least three IndependentNon-Executive Directors or one third of the totalnumber of Directors, whichever is higher.3 (2) (v) In the event an alternate Director is appointed torepresent an Independent Director, the person soappointed shall also meet the criteria that apply tothe Independent Director.3 (2) (vi) Non-Executive Directors shall be persons withcredible track records and/or have necessary skillsand experience to bring an independent judgmentto bear on issues of strategy, performance andresources.Complied withComplied withNot applicableAs per the NSB Act, the Minister selects ve out of sevenDirectors. The other two Directors according to theNSB Act are Treasury Secretary or his Nominee andPostmaster General or his Nominee. Therefore, no suchsituation arises.Complied withDirectors are appointed by the Minister in terms of theNSB Act. Out of seven Directors, three are Independentand six are Non-Executive. Please refer to Directorsdetails on page 190 of Annual Report of Board ofDirectors.Complied withThe NSB Act does not refer provisions to appointalternate Directors.Complied withAll Directors appointed by the Minister are from variousdisciplines such as Accountancy, Law, Marketing andBusiness Administration and professionals with necessaryexperiences.Complied withNATIONAL SAVINGS BANK . ANNUAL REPORT 2012