Annual Report 2012 - National Savings Bank

70ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (3) Criteria to Assess the Fitness and Propriety of Directors3 (3) (i) A,&B The age of a person who serves as a director shallnot exceed 70 years.All Directors are below the age of 70.Complied with3 (3) (ii) A person shall not hold ofce as a director of more No Director holds such directorshipsthan 20 companies/entities/institutions inclusive of Complied withSubsidiaries or associate companies of the Bank.3 (4) Management Functions Delegated by the Board3 (4) (i) The Directors shall carefully study and clearlyunderstand the delegation arrangements in place.Please refer 3 (1) (i) gComplied with3 (4) (ii) The Board shall not delegate any matters toa Board Committee, Chief Executive Ofcer,Executive Directors or Key ManagementPersonnel, to an extent that such delegation wouldsignicantly hinder or reduce the ability of theBoard as a whole to discharge its functions.Complied with3 (4) (iii) The Board shall review the delegation processes inplace on a periodic basis to ensure that they remainrelevant to the needs of the Bank.3 (5) The Chairman and Chief Executive Officer3 (5) (i) The roles of Chairman and Chief ExecutiveOfcer shall be separated and shall not beperformed by the same individual.3 (5) (ii) The Chairman shall be a Non-Executive Directorand preferably an Independent Director as well.3 (5) (iii) The Board shall disclose in its corporategovernance report, the identity of the Chairmanand the Chief Executive Ofcer and the nature ofany relationshipThe Board has not delegated such authority whichhinders or reduces the ability of the Board as a whole todischarge its functions.Delegation arrangements currently in place and reviewedby the Board on a need basis/ on requests made by themanagement.The roles of Chairman and the CEO are performed bytwo separate individuals.Complied withChairman is a Non-Executive Director. Chairman is notindependent since Chairman is in the Board of the NSBFund Management Ltd, a fully owned subsidiary of NSB.There is no any relationship between the Chairman andCEO and among members of the Board.Prole of the Board and CEO are available on pages 86to 89.Complied withNATIONAL SAVINGS BANK . ANNUAL REPORT 2012