Page 129 - Bank-Muamalat-Annual-Report-2021

ANNUAL REPORT 2021 127
SUSTAINABILITY STATEMENT OUR GOVERNANCE OUR NUMBERS OTHER INFORMATION

c. Policy Document on Corporate GOVERNANCE STRUCTURE
Governance issued by BNM
(“BNM CG”)

d. Policy Document on Shariah Board
Governance (“PDSG”) Board of Committee Management
Shareholders PCEO
Directors and Shariah Committee
e. Malaysian Code on Corporate Committees
Governance issued by Securities
Commission Malaysia (“MCCG
2021”)

f. Relevant requirements as Company Secretary
outlined under the respective
guidelines by BNM and other
Accountability Empowerment/Delegation
regulators.
Board Risk Board Audit Board Nomination Board Board Shariah
Management Committee and Remuneration Compliance VETO Committee
Committee Committee Committee Committee

Limits of Authority Manual sets out authorisation limits for the PCEO, Management
Committees, Management and matters requiring Board/Board Committee’s
review/ approval.
Board Compliance Committee (“BCC”)
Provides oversight and advice to the Board and Management
in respect of the management of compliance risk, including PRESIDENT/CHIEF EXECUTIVE OFFICER (“PCEO”)
AML/CFT, bribery and corruption.
Also evaluates the adequacy and effectiveness of the Bank’s The PCEO manages the day-to-day business operations in line with the strategy
overall management of compliance risk, having regard to the and key performance indicators set by the Board. The key responsibilities of the
assessment of senior management and internal audit as well as PCEO are to:
the Regulatory Advisory and Compliance Division. Recommends • Develop the strategic direction of the Bank;
improvement needed to the Board, and assesses emerging • Ensure that the Bank’s strategies and corporate policies are effectively
compliance and AML/CFT concerns. implemented;
Board Veto Committee (“BVC”) • Ensure that Board decisions are implemented and Board directions are
responded to;
Reviews financing and/or investment proposals approved by the
Credit Committee (“CC”) based on the limits determined by the • Provide direction in the implementation of short and long-term business plans;
Board. In the event of modification of the terms and conditions, • Provide strong leadership that effectively communicaties a vision, management
the appeal has to be reverted to the Board Veto Committee. philosophy and business strategy to the employees;
• Keep the Board fully informed of all important aspects of the Bank’s operations
and ensure sufficient information is distributed to Board members.

MANAGEMENT COMMITTEE
The Management Committee helps the PCEO to:
line with Shariah. Ensures that the products of the Bank comply • Set performance targets
with Shariah principles.
• Monitor key objectives and commercial plans to help achieve the Group’s
Further details on Shariah Committee can be found on pages 116 targets
to 118 of the Annual Report. • Implement Group strategy
• Evaluate new business initiatives and opportunities