HC-1.2.3
The precise functions reserved for the Board, and those delegated to management and committees will vary, dependent upon the business of the institution, its size and ownership structure. However, as a minimum, the Board must establish and maintain a statement of its responsibilities for:
a) The adoption and annual review of strategy;
b) The adoption and review of management structure and responsibilities;
c) The adoption and review of the systems and controls framework; and
d) Monitoring the implementation of strategy by management.
The Board may not delegate its ultimate responsibility to ensure that an adequate, effective, comprehensive and transparent corporate governance process is in place.
October 07