Page 30 - Ecobank Gambia Annual Report 2020
P. 30
Financial Statements & Annual Report
Corporate Governance
The framework for determining NEDs ’ fees was as follows:
Basic retainer fee
Board Chairperson US$13,500 per annum
Director US$11,500 per annum
Sitting Fees
Committee Chairperson US$2,800 per annum
Committee member US$2,400 per annum
• The directors’ fees payable to NEDS is subject to shareholders’ approval at the Company’s AGMs
4.3 Internal audit management, finance and risk management . The Board
The Group has established an in-house internal audit is of the view that the members of the A&CC have recent
function . The internal audit is an independent function and relevant accounting or related financial management
within the Bank. The Head of Internal Audit reports directly expertise or experience to discharge the A&CC’s functions.
to the AC functionally and to the CEO administratively. The main responsibilities of the A&CC are to assist the
The primary role of internal audit function is to assist Board in discharging its statutory and other responsibilities
the Board and senior management to meet the strategic relating to four main areas:
and operational objectives of the Bank, by providing an ¦ Overseeing financial reporting;
independent and objective evaluation of the adequacy ¦ Overseeing internal control and risk management
and effectiveness of risk management, controls and
governance processes. The Bank’s internal audit approach systems;
is aligned with its Risk Management Framework by ¦ Overseeing internal and external audit processes;
focusing on key financial, operational , compliance and
information technology risks. The annual internal audit and
plan is established in consultation with, but independent ¦ Overseeing Interested Party Transactions (IPTs).
of, management. The internal audit plan is reviewed and The members of the A&CC carried out their duties in
approved by the Audit Committee (A&CC). All internal audit accordance with the terms of reference which include the
findings, recommendations and status of remediation, following:
are circulated to the AC, the CEO, the external auditors ¦ Review the significant financial reporting issues
and relevant senior management every quarter
Audit & Compliance committee (A&CC) and judgments so as to ensure the integrity of the
The A&CC comprises the following five members, three of financial statements of the Group and any formal
whom are independent non -executive directors: announcements relating to the Bank’s financial
¦ Mr Rotimi Oyekanmi (Chairperson) performance before their submission to the Board.
¦ Mr Muhammad Jagana ¦ Review and report to the Board at least annually
¦ Mr Henry Ampong on the adequacy and effectiveness of the Bank’s
¦ Mr Bernard Mendy internal controls, including financial, operational
¦ Ms Joana Mensah compliance and information technology controls and
TThe Mr. Rotimi Oyekanmi chairs the A&CC. He is Chartered risk management systems.
Accountant and has vast experience in banking, finance & ¦ Review the adequacy and effectiveness of the Bank’s
Investment, auditing among others. The other members internal audit function at least annually, including
of the A&CC have many years of experience in business the adequacy of internal audit resources and its
appropriate standing within the Bank, as well as the
28 Ecobank Gambia Annual Report 2020 scope and the results of the internal audit procedures.
¦ Review the scope and results of the external audit
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