Annual Report 2012 - National Savings Bank

77ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (6) Board Appointed Committees(a) The Committee shall implement a procedureto select/appoint new Directors, CEO and KeyManagement Personnel.(b)(c)(d)(e)(f)The Committee shall consider and recommend(or not recommend) the re-election of currentDirectors.The Committee shall set the criteria for eligibility tobe considered for appointment or promotion to thepost of CEO and the key management positions.The Committee shall ensure that Directors, CEOand Key Management Personnel are t andproper persons to hold ofce as specied in thecriteria given in Direction 3 (3) and as set out in thestatutes.The Committee shall consider and recommendfrom time to time, the requirements of additional/new expertise and the succession arrangements forretiring Directors and Key Management Personnel.The Committee shall be chaired by anIndependent Director. The CEO may be present atmeetings by invitation.The directors are appointed by the subject Minister asper the NSB Act.Section 11 - The Minster shall nominate one of theDirectors of the Board to be its Chairman.Section 26 - The Board shall appoint a t and properperson to be the General Manager of the Bank who shallbe the Chief Executive Ofcer of the Bank.Appointment of KMPs is made by the Board ofDirectors.As per 3 (6) (iv) (a) above.The criteria eligibility to be considered for GM / CEO andKMPs are as per the approval of the Board of Directors.The Committee would set nominations in the process inthe future.Declaration from Directors, GM / CEO and KMPS hasbeen submitted to Director Bank Supervision.The declarations will be obtained through the committeein the future.Directors are appointed by the subject minister asmentioned previously. The general practice is that aSenior DGM is considered as the successor for the postof GM / CEO.The committee would get involved in the process in thefuture.An Independent Director has been appointed as theChairman of the Committee.Complied withNATIONAL SAVINGS BANK . ANNUAL REPORT 2012