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  • HC-1.3 HC-1.3 Oversight of Senior Management

    • HC-1.3.1

      The Board must exercise proper oversight of senior management against formal performance and remuneration standards consistent with the long-term strategic objectives and the financial soundness of the licensee. In doing so, the Board must:

      (a) Meet regularly with senior management;
      (b) Subject senior management to annual performance assessment and document such assessments;
      (c) Ensure that approved persons’ collective knowledge and expertise remain appropriate given the licensee’s nature of business and risk profile;
      (d) Ensure that senior management’s actions are in full compliance with applicable laws and regulations and consistent with the strategy, business plan and policies approved by the Board, including risk appetite;
      (e) Question, challenge and critically review the explanations and information provided by senior management; and
      (f) Ensure that appropriate succession plans are in place for all approved persons within senior management (provided that such plans are subject to review in case of any changes to approved persons within senior management).
      Added: April 2023