Effective from Nov 26 2020 - Mar 09 2021 To view other versions open the versions tab on the right
1.
The Board shall supervise the Bank’s activities and shall be generally responsible for ensuring the soundness of its management and functioning, and shall, to this end and in accordance with the Bank’s objectives, have all the necessary powers. The Board may set the rules, regulations, and policies and issue the directives it deems necessary and appropriate for carrying out Bank activities in accordance with this Law; they shall include, but not be limited to, the following:
a)
Endorsing the Bank’s strategies and operational plans.
b)
Approving the Bank’s by-laws, as well as its administrative, financial, technical, monitoring, and human resources regulations.
c)
Approving the Bank’s organizational structure.
d)
Determining the Bank’s fiscal year.
e)
Endorsing the Bank’s general budget and closing accounts.
f)
Endorsing the appointment of one or more of the Bank’s external auditors and determining their fees.
g)
Establishing Bank branches or offices.
h)
Reviewing the Bank’s periodic reports.
2.
The Board may, in order to carry out its duties, form standing or interim committees from among its members or others and assign thereto any necessary powers and competences. The committee formation decision shall designate its chairman and members and shall determine its powers and remuneration. The committee may seek the assistance of any person it deems necessary to carry out its duties.
3.
The Board may delegate some of its powers to the Governor who may in turn, according to the guidelines and authority matrix endorsed by the Board, delegate said powers to whomever it deems fit from among Bank staff.
