Page 62 - RFHL ANNUAL REPORT 2024_ONLINE

60 Corporate Governance Practices continued

Objectives Principles
The role of the Board is to provide leadership, enterprise, 1. Lay solid foundation for management and oversight
integrity and good judgment in guiding the Group to achieve 2. Structure the Board to add value
growth and deliver long-term sustainable stakeholder 3. Promote ethical and responsible decision making
value. The Board sets the strategic objectives for the Group 4. Safeguard integrity in financial reporting
and provides oversight and control. Implementation of the 5. Make timely and balanced disclosure
strategy is delegated to management under the leadership 6. Respect the rights of shareholders
of the Group President and Chief Executive Officer (CEO) of 7. Recognise and manage risk
Republic Financial Holdings Limited. 8. Encourage enhanced performance
9. Remunerate fairly and responsibly
Entrepreneurial leadership is encouraged within a framework 10. Recognise the legitimate interests of stakeholders
of prudent and effective controls that enable risk to be
assessed and managed. Short-term objectives are balanced Within the scope of these Principles the responsibility of the
carefully against the necessity of achieving long-term value. Board is further refined to include the following duties:-
• Setting the strategic aims and reviewing and approving
The Board acts in the best interests of the Group and its corporate strategy
stakeholders, guided by a philosophy that is based on good • Selecting, compensating and monitoring, and where
governance, transparency, accountability and responsibility. necessary, replacing key executives and overseeing
The Group’s Core Values of Customer Focus, Integrity, Respect succession planning
for the Individual, Professionalism, and Results Orientation • Ensuring the Group has the appropriate organisational
are set by the Board to ensure that the Group’s obligations structure in place to achieve its objectives
to its shareholders, employees, customers and the societies • Approval of an overall risk appetite framework for the Group,
it serves, are met. Integrity and trust are the cornerstones of reviewing and approving systems of risk management and
the business of banking and finance and the Board manages internal compliance and control, and legal compliance
the Group and makes decisions that uphold these ideals at • Monitoring the effectiveness of corporate governance
all times. practices and updating organisational rules and policies in
step with industry changes
The Board recognises that it is the quality of its employees that • Approving and monitoring the progress of major capital
differentiates it from its competitors, and creates value for its expenditure, capital allocation and management and
customers and investors. The Board is responsible for ensuring acquisitions and divestitures
that its employees do things in the right way by setting the • Ensuring the integrity of accounting, financial and non-
required tone from the top, by living the Republic culture financial reporting
and upholding the Core Values in everything that it does • Establishing Values for the Group and approving of Codes
and ensuring they are reflected in the decisions the Board of Conduct and Ethics
makes. The Board holds the Group’s Executive Management
accountable for upholding these Core Values thereby creating The Board is committed to engagement with all its
a culture in which doing the right thing is integral to the way stakeholders including its employees, customers, shareholders
Republic Financial Holdings Limited (RFHL) operates, globally. and the societies in which we serve. The following guides the
The Group’s Ethics and Operating Principles confirm the Board’s approach to stakeholder engagement:
commitment of the Board to strive for the highest standards 1. Inclusivity – We have regard for all of our stakeholders.
of conduct within the Group. This inclusivity considers the interdependencies between
these groups and all the factors that affect our ability to
Responsibilities create value over time. Our organisation is recognised as an
The Group has 10 principles of corporate governance that integral corporate citizen in the societies we serve.
summarise the objectives of the Board and provide a 2. Transparency – We are committed to sharing information
framework for the manner in which it functions and discharges with all our stakeholders as permitted by law and our
its responsibilities:- regulators.
3. Principles for Responsible Banking – We are committed
to the Principles for Responsible Banking as initiated by
the United Nations (UN) Environment Program Finance