The Board of Directors places strong emphasis on corporate governance.
The bank strives to archive high standards of compliance and transparent governance of the company. The board believes that strong governance creates value for shareholders.
In a world of changing regulation and legislation, professional conduct, integrity and transparency are important values. Novum Bank Limited embraces these values.
Board of Directors
Directors on the Board are appointed in accordance with the Bank’s Articles of Association, in line with the Maltese Companies Act and the applicable (MFSA) regulations/rules.
The Board’s principal duty is to create and deliver sustainable shareholder value, by setting strategy and overseeing its implementation by Management.
In accordance with applicable laws and regulations, the Board ensures that Management achieves the right balance between promoting long-term growth and delivering short-term objectives. The Board is also responsible for maintaining an effective system of Internal Control to safeguard the bank’s assets.
A number of board committees ensure the effective implementation of board strategy, oversea the risk management of the organization and ensure ongoing compliance with laws and regulations.
The Board has the first level of responsibility of executing the four basic roles of corporate governance: accountability, monitoring, strategy formulation and policy development. It is primarily concerned with the review of corporate strategy, budget, operational and financial plans, risk policy, performance objectives and adherence to all relevant laws, regulations and codes of best business practice.
Board Committees
Audit Committee
The Audit Committee is composed of 3 non-executive directors.
The role of the Audit Committee is to oversee the bank’s financial governance.
The committee ensures the independence and effectiveness of the external audit function and has oversight over the preparation of financial statement and the internal audit function within the bank.
Risk Management Committee
The Risk Management Committee is composed of 3 non-executive directors.
The Risk Management Committee overseas the management of the various risks that the entity is exposed to. The committee sets and monitors the bank’s risk appetite and risk’s tolerance and ensures that appropriate measurements are taken to manage and mitigate risk across the organization.
Executive Committee
The Executive Committee is composed of the 3 executive directors. It is chaired by the CEO.
The EXCO is responsible for interpreting and implementing the strategy approved by the board.