HC-1.1.12

The CBB expects the Board to have effective policies and processes in place for:

(a) Approving and reviewing at least annually the overall business performance and strategy for the licensee;
(b) Causing financial statements to be prepared which accurately disclose the licensee's financial position;
(c) Ensuring a formal and transparent Board nomination process;
(d) Convening and preparing the agenda for shareholder meetings;
(e) Monitoring conflicts of interest and preventing abusive related party transactions;
(f) Appointing senior managers, after assessing that they have the necessary integrity, technical and managerial competence, and experience;
(g) Overseeing succession planning, and minimizing undue reliance on key individuals;
(d) Reviewing key senior management and Board remuneration packages and ensuring such packages are consistent with the corporate values and strategy of the licensee and encourage prudent risk taking;
(e) Monitoring and evaluating management's performance in implementing agreed strategy and business plans, and ensuring appropriate resources are available; and
(f) Approving budgets and reviewing performance against those budgets.
Amended: April 2016
October 2010