Page 157 - Bank-Muamalat_Annual-Report-2023

ANNUAL REPORT 2023
GOVERNANCE

During each meeting, the respective Chairmen/representatives of the Board Committees provide updates to the
Board on matters discussed in the committees as well as on matters that require the Board’s attention. Other Heads of
Division and external advisers may be invited to attend the meeting to advise the Board on specific matters.
Directors have the opportunity to discuss these matters and challenge the ideas presented if necessary.
The Chief Financial Officer is invited to attend all Board meetings, while relevant Senior Management Officers of
Bank Muamalat are invited to attend to provide briefings and details to the Directors on recommendations or reports
submitted to the Board.
The PCEO and Head of Business, Operations, Support, and Control functions update the Board on the Bank’s
business and operations, regulatory and compliance updates, as well as industry trends and developments.
The Chief Financial Officer presents the financial performance and significant financial highlights. The minutes of
the Board meetings record all important deliberations, decisions, and conclusions.
Management takes note of the comments and feedback from the Directors and receives guidance from the Board.
They agree with the Directors on proposed actions to be taken, including decisions made. For matters in the ordinary
course of business, Board approvals can be obtained through written resolutions outside of Board meetings.
Ad-hoc meetings are held when necessary. Directors have direct access to Senior Management and can request
additional information from them. The Company Secretary is available to the Directors at all times.

iii. Board Induction and Succession Planning
Upon appointment, each new Director will be required to undergo an on-boarding exercise to facilitate their
familiarisation with the Bank’s operating environment, business strategy, and operations. All new Directors must attend
an induction programme tailored to their specific needs as soon as practicable, but no later than three months
after their appointment to the Board.
Attendance at the induction programme or similar sessions that may assist in achieving the intended outcome is
mandatory for all new Directors. The Company Secretary is responsible for facilitating the induction of newly
appointed Directors.
The BNRC is accountable for developing succession plans and identifying and recommending candidates to
the Board to ensure that it comprises directors with suitable skills, experience, expertise, and diversity. The BNRC
also oversees the appointment and succession planning for key Senior Management positions.
iv. Training and Development of Directors

The Board has implemented measures to ensure that its members have ongoing access to appropriate and relevant
continuing education programmes. A reasonable budget has been allocated for this purpose. Directors are strongly
encouraged to attend talks, briefings, workshops, and utilise online learning tools, reading materials, and training
programs on areas that would benefit them in their roles and responsibilities.
It is mandatory for all Directors of Bank Muamalat to register for the director’s core training programme under the
Financial Institutions Directors’ Education Programme (FIDE) within a year of their appointment, and the Islamic Finance
for Board within two years of their appointment.
All Board members have attended and successfully completed the Director’s Core Training Programme under FIDE
within the period stipulated under the Director’s Training Policy of the Bank. In line with the MCCG 2021
recommended practice, the Company Secretary facilitates the orientation of new Directors and assists in directors’
training and development.

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