Annual Report 2012 - National Savings Bank

72ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (5) The Chairman and Chief Executive Officer3 (5) (x) The Chairman shall ensure that appropriate stepsare taken to maintain effective communication withshareholders and that the views of shareholders arecommunicated to the Board.3 (5) (xi)The Chief Executive Ofcer shall function asthe apex executive-in-charge of the day-to-daymanagement of the Bank’s operations and business.3 (6) Board Appointed Committees3 (6) (i) Each bank shall have at least four boardcommittees as set out in Directions 3 (6) (ii), 3 (6)(iii), 3 (6) (iv) and 3 (6) (v) of these Directions. Eachcommittee shall report directly to the Board. Allcommittees shall appoint a secretary.3 (6) (ii)(a)(b)The following rules shall apply in relation to theAudit Committee:The Chairman of the Committee shall be anIndependent Non-Executive Director who possessesqualications and experience in accountancy and/or audit.All members of the Committee shall be Non-Executive Directors.The shareholder is being represented at the Board by thenominee of Treasury Secretary who is appointed as adirector.The Chairman communicates with the share holders(Treasury) through discussion on policy matters, annualreviews and other important operational matters andbrief the Board of Directors.Complied withAll four Committees are in place. Secretaries have beenappointed. Board Audit Committee and the IntegratedRisk Management Committee directly submit reports tothe Board.Complied withBoard Audit Committee Chairman is Non Executive butNon-Independent due to his appointment as a Directorof the NSB Fund Management Company (Pvt) Ltda fully owned subsidiary of the Bank. He is a FellowMember of The Institute of Chartered Accountants ofSri Lanka, who has experience in the banking sector.All members are Non-Executive Directors.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012