Page 31 - Ecobank Gambia Annual Report 2020
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work, the cost effectiveness of the audit, and the ¦ Oversee management in the formulation, update
independence and objectivity of the external and maintenance of an adequate and effective risk
auditors. management framework in addressing material risks
¦ Recommend to the Board on the proposals to the including material financial, operational, compliance
shareholders on the appointment, re- appointment and information technology risks.
and removal of the external auditors.The A&CC has
explicit authority to investigate any matter within ¦ Make the necessary recommendation to AC and the
its terms of reference and is authorised to obtain Board such that an opinion regarding the adequacy
independent professional advice. It has full access to and effectiveness of the risk management and
and co-operation of the management and reasonable internal control systems.
resources to enable it to discharge its duties properly.
It also has full discretion to invite any director or ¦ Review the Group’s risk profile regularly and the
executive officer or any other person to attend its adequacy of any proposed action if necessary.
meetings.
The A&CC has explicit authority to investigate any matter ¦ Review any material breaches of risk appetite/
within its terms of reference and is authorised to obtain tolerances/ limits and the adequacy of any proposed
independent professional advice. It has full access to action if necessary.
and co-operation of the management and reasonable
resources to enable it to discharge its duties properly. It The risks are proactively identified and addressed. The
also has full discretion to invite any director or executive ownership of these risks lies with the respective business
officer or any other person to attend its meetings. and corporate executive heads with stewardship residing
4.4 Risk management with the Board.
The Board, with the assistance from the Risk Management The RMC assists the Board to oversee management in
Committee ( RMC) is responsible for the governance of the formulation, update and maintenance of an adequate
risk by ensuring that management maintains a sound and effective risk management framework.
system of risk management and internal controls to 4.5 Shareholders Rights and Responsibilities
safeguard shareholders’ interest and the Bank’s assets, Shareholder rights
and determines the nature and extent of the significant The Bank recognises the importance of maintaining
risks which the Board is willing to take in achieving transparency and accountability to its shareholders. The
strategic objectives. Board ensures that all the Company’s shareholders are
The RMC comprises the following five members: treated equitably and the rights of all investors, including
¦ Mr Muhammad Jagana (Chairperson) non- controlling shareholders are protected.
¦ Mr Henry Ampong The Bank is committed to providing shareholders with
¦ Mr Bernard Mendy adequate, timely and sufficient information pertaining
¦ Ms Joana Mensah to changes in the Bank’s business which could have a
¦ Mr Rotimi Oyekanmi material impact on the Company’s share price.
Except for Mr Henry Ampong and Ms Joana Mensah, all The Bank strongly encourages shareholder participation
the other RMC members are independent non-executive during the AGM. Shareholders are able to proactively
directors. engage the Board and management on the Bank’s
The RMC is guided by its terms of reference. Specifically, business activities, financial performance and other
the RMC assists the Board to: business related matters.
¦ Determine the Bank’s levels of risk tolerance and risk
policies.
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