HC-3.7.3
The nomination committee must, at minimum:
(a) Assess and recommend to the Board from time to time the changes that the committee considers desirable to the size of the Board, any Board committee or management structure;
(b) Regularly review the time commitment required from each non-executive director and require them to inform the committee before accepting any Board appointments to another company;
(c) Recommend to the Board persons qualified to become members of the Board of directors or CEO and his deputies, chief financial officer, chief operating officer, chief investment officer, chief banking officer, corporate secretary and any equivalent or other senior management positions that the Board determines are subject to its approval. The exceptions are the appointments of the chief internal auditor, chief risk officer and head of compliance who must be recommended by other committees as prescribed in this module;
(d) Assess the role and responsibilities of a Board member, the knowledge, experience and competence which the role requires;
(e) Assess the Board’s and senior management’s effectiveness;
(f) Recommend to the Board appropriate succession plans of approved persons within senior management;
(g) Recommend to the Board, and oversee the implementation of, appropriate personnel or human resource policies; and
(h) Recommend to the Board the prescribed title, authority, duties, accountability and internal reporting responsibilities for each approved person within senior management.
Added: April 2023