The board is elected by and is accountable to the MOB shareholders. Except for decisions explicitly reserved for shareholders, the board has full authority to carry out all activities necessary to provide effective strategic guidance and sound oversight of the company. Its ultimate goal is to create long-team shareholder value, while taking into account the interest of its stakeholders. Following are the primary roles and responsibilities of the Board:

  • Reviewing approving and monitoring the Bank’s long-term strategic objectives and business plans of management, including any performance indicators and targets to be used in relation to the strategy.
  • Setting the risk appetite for the Company, including specific targets, caps, or indicators related to the risk appetite.
  • Monitoring the overall performance of the Bank’s and progress towards its strategic objectives and in line with its defined risk appetite.
  • Assessing the major risks facing the Company and the steps taken by management to monitor and control such risks.
  • Overseeing and approving the risk management framework and associated policies and procedures used by management to effectively manage risk.
  • At the recommendations of the CEO, approving the appointment and dismissal of the Chief Risk Officer and Internal Auditor.
  • Overseeing the integrity of the financial statements, the compliance with legal and regulatory requirements, the performance, qualifications, and independence of the external auditor and the performance of the internal audit function.
  • Overseeing the internal control framework used by management and ensuring it is efficient and effective.
  • Overseeing and approving the human resource policies and framework of the Company.
  • Taking decisions on major business matters and credit applications as per the defined authority matrix in this Policy Manual.
  • Appointing and as necessary dismissing the CEO of the Company.
  • Determining the remuneration and incentive schemes, including key performance indicators for senior executives.
  • Evaluating the overall performance of key senior executives and taking corrective actions as needed.
  • Developing succession plans and developmental objectives for senior executive positions.
  • Identifying and recommending potential new board members for election by Shareholders.
  • Recommending the board remuneration policy, for approval by the Shareholders.
  • Evaluating the overall performance and effectiveness of the Board and its members and taking corrective actions as needed.
  • Overseeing the Bank’s corporate governance framework and ensuring compliance with approved policies.