Page 119 - ACCESS BANK ANNUAL REPORTS_eBook

7 Abba Mamman Tor The Next Level in Corpo- Central Bank of Nigeria in September 19-20,
Habib rate Governance conjunction with -Financial 2017
Institutions Training Centre
Lagos
8 Adeniyi Adekoya The Next Level in Corpo- Central Bank of Nigeria in September 19-20,
rate Governance conjunction with -Financial 2017
Institutions Training Centre
Lagos
9 Mosun Belo-Olusoga Value Creation for Owners Insead France October 30- No-
and Directors vember 2, 2017
10 Ajoritsedere Awosika. Value Creation for Owners Insead France October 30- No-
and Directors vember 2, 2017
11 Anthonia Ogunmefun Value Creation for Owners Insead France October 30- No-
and Directors vember 2, 2017
12 Herbert Wigwe Digital Marketing and Social Massachusetts Institute of October 16-17,
Media Analytics Technology USA 2017
13 Adeniyi Adekoya Making Corporate Boards Harvard Business School USA November 15-18,
More Effective 2017
14 Abba Mamman Tor Making Corporate Boards Harvard Business School USA November 15-18,
Habib More Effective 2017

Performance Monitoring and Evaluation formance evaluation for the Financial Year Ended Decem-
ber 31, 2017. The independent consultant does not have
The Board, in discharge of its oversight function, continu- any connection with the Group or any of its directors. The
ously engages with Management and contributes ideas to Board believes that the use of an independent consultant
the planning and execution of the Group’s strategy. In line not only encourages directors to be more candid in their
with the Bank’s strategic planning cycle, the Board held a evaluation of the Board performance, but also enhances
one-day strategy session on October 25, 2017 to deliber- the objectivity and transparency of the evaluation process.
ate on and approve the Bank’s 2018-2022 strategic plan.
The Board usually holds an annual Board retreat, where The result of the Board performance evaluation was pre-
the strategy for the coming year is rigorously debated and sented by the independent consultant during the Board
agreed between Management and the Board. The 2017 Meeting held on January 30, 2018. The evaluation was a
Board Retreat was held at Taj Hotel, Cape Town, South Af- 360-degree online survey covering directors’ self-assess-
rica on March 3-4, 2017. Management provides the Board ment, peer assessment and evaluation of the Board and
with a quarterly update on implementation of the strategy, the Committees. The effectiveness of the Independent
affording the Board the opportunity to critique the Man- Directors vis-à-vis the CBN Guidelines on Independent
agement and assess significant issues, risks or challenges Directors of Banks was also evaluated. The appraisal cov-
encountered in the course of strategy implementation and ered the Board’s structure and composition, processes, re-
the steps taken to mitigate the risks. Management’s report lationships, competencies, roles and responsibilities. The
on the Group’s actual financial performance is presented result confirmed that the individual directors and the Board
relative to the planned budget to enable the Board assess continue to operate at a high level of effectiveness and ef-
the level of achievement. Peer comparison is also a cru- ficiency. The result showed that the Bank’s corporate gov-
cial component of Management reporting to the Board to ernance practices were in compliance with the provisions of
benchmark performance against that of our competitors. the CBN and SEC Codes.
The Bank’s performance on Corporate Governance is The summary result of the independent evaluation will be
continuously being monitored and reported. We carry out presented by Accenture Limited at this meeting.
quarterly and annual reviews of our compliance with the
CBN and the SEC Codes respectively and render reports to
the regulators.
Shareholders and Regulatory Engagement
The Board has also established a system of independent The Board recognises the importance of ensuring the
annual evaluation of its performance, that of its committees flow of complete, adequate and timely information to ex-
and individual directors. The evaluation is done by an inde- isting and potential shareholders and regulators to enable
pendent consultant approved by the Board. In this regard, them make informed decisions about the Bank. The Board
Accenture Limited was engaged to conduct the Board per-
is therefore committed to maintaining high standards of

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Annual Report & Accounts 2017