HC-5.2.1
Past version: Effective from 01 Jul 2014 to 31 Dec 2016
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The Board must establish a remuneration committee of at least three directors which must:
(a) Review the Islamic bank licensee's remuneration policies for the approved persons and material risk-takers , which must be approved by the shareholders and be consistent with the corporate values and strategy of the bank;
(b) Approve the remuneration policy and amounts for each approved person and material risk-taker , as well as the total variable remuneration to be distributed, taking account of total remuneration including salaries, fees, expenses, bonuses and other employee benefits;
(c) Approve, monitor and review the remuneration system to ensure the system operates as intended; and
(d) Recommend Board member remuneration based on their attendance and performance and in compliance with Article 188 of the Company Law.
Amended: July 2014
Amended: January 2014
October 2010
Amended: January 2014
October 2010