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.
July 2011