Annual Report 2012 - National Savings Bank

76ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (6) Board Appointed Committees(q) The Committee shall review arrangements bywhich employees of the Bank may, in condence,raise concerns about possible improprieties innancial reporting, internal control or othermatters. Accordingly, the committee shall ensurethat proper arrangements are in place for the fairand independent investigation of such matters andfor appropriate follow-up action and to act as thekey representative body for overseeing the Bank’srelations with the External Auditor.3 (6) (iii) The following rules shall apply in relation to theHuman Resources and Remuneration Committee:(a) The Committee shall determine the remunerationpolicy (salaries, allowances and other nancialpayments) relating to Directors, Chief ExecutiveOfcer (CEO) and Key Management Personnel ofthe Bank.(b) The Committee shall set goals and targets forthe Directors, CEO and the Key ManagementPersonnel.(c)(d)The Committee shall evaluate the performance ofthe CEO and Key Management Personnel againstthe set targets and goals periodically and determinethe basis for revising remuneration, benets andother payments of performance-based incentives.The CEO shall be present at all meetings of theCommittee, except when matters relating to theCEO are being discussed.3 (6) (iv) The following rules shall apply in relation to theNomination Committee:The existing Whistle-Blower Policy is being reviewed byDGM Audit and is expected to submit the same to BAC.A process for investigation /deals with improprieties innancial reporting /frauds by Internal Audit and reportsto Human Resources Division (HRD) for disciplinaryactions and nally report to BAC.Remuneration of the Directors is decided by the Ministry.Remuneration of the GM / CEO and KMPs aredetermined based on the collective agreement. Thecommittee would get involved in the process in the future.The goals for Directors are not documented as they areappointed by the Minister.Goals & targets for KMPs are documented through theAction plan for achieving targets for their respectiveDivisions.Evaluation of performance of GM / CEO is handled byChairman while GM/CEO evaluates performance ofKMPs.The term of reference approved by the Board states thatGM / CEO shall not be present when matters relating tothe GM / CEO are discussed.Complied withNATIONAL SAVINGS BANK . ANNUAL REPORT 2012