HC-1.4 HC-1.4 Transparency of Structure and Strategy
Board's Responsibility for Disclosure
HC-1.4.1
The Board should oversee the process of disclosure and communications with internal and external stakeholders. The Board should ensure that disclosures made by the bank are fair, transparent, comprehensive and timely and reflect the character of the bank and the nature, complexity and risks inherent in the bank's business activities. Disclosure policies must be reviewed for compliance with the Agency's disclosure requirements (see Rulebook Chapter PD-1).
HC-1.4.2
To promote sound corporate governance, the bank must submit its organizational structure approved by the Board of Directors, which notes the designations and responsibilities of its key management personnel, highlighting their qualifications and relevant industry experience. The organizational structure should be clearly delineated and reporting lines completely transparent to promote full disclosure. It is the General Manager's responsibility to ensure that this occurs.
HC-1.4.3
The bank must submit a statement of its strategy and objectives to the Agency at the time of licensing. This statement should cover a minimum period of three years. The Agency may request a formal review by the Board of the bank's statement from time to time.
