Corporate Governance Statement
The nature of the Corporate Governance of the Guyana Bank for Trade and Industry Limited is characterized by the strong commitment of the Board of Directors to various ethical and prudential guidelines in managing the affairs of the Bank, and adherence to the principle of transparency in all decision making.
The Board of Directors comprises the Chief Executive Officer and nine (9) non-Executive Directors who have come from diverse backgrounds in business and finance, and have brought a wealth of experience to the Board in enabling it to discharge its responsibilities effectively and maintain a high degree of probity in the management of the affairs of the Bank.
The Board exhibits true transparency by not allowing its members to participate in decision making where they may have an interest in the subject matter, and has made mandatory, full disclosure to the Board by all Directors of contracts with the Bank, where they may be deemed parties or related parties.
The Board is led by a non-Executive Chairman who along with the other non-Executive Directors,promotes the accountability of the whole Board.
Audit and Risk Committee
The Audit and Risk Committee is an active committee within the Bank which provides an independent reporting channel for the work of the Inspection Division.
This Committee comprises four (4) non-Directors,Mr Robin Stoby, S.C. (Chairman), Mr Inderjeet Beharry, Mr Paul Cheong and Mr Basil Mahadeo, and the Chief Executive Officer and holds bimonthly meetings at which Inspection Reports are presented by the Head of the Inspection Division.
The Committee through the Inspection Division reviews the Bank’s Internal Control Procedures, monitors and reviews the Bank’s Risk Management processes and Risk profile, and the Bank’s compliance with Prudential Regulations, Anti-Money Laundering Regulations, and other Statutory and Regulatory Requirements.
The Committee also evaluates the effectiveness and independence of the External Auditor, the Chief Bank Inspector and the Compliance Officer.
Human Resources and Compensation Committee
The Human Resources and Compensation Committee brings the desired degree of objectivity and transparency to decisions on all Human Resources matters as it ensures that decisions on matters such as remuneration and other rewards are not tainted by the biases of persons who may have a vested interest in the result.
The Committee approves key executive appointments and remuneration, monitors and reviews executive succession planning, and monitors the performance of the Bank’s Chief Executive Officer and Senior Management.
The Human Resources and CompensationCommittee comprises four (4) Non-executive Directors, namely Mrs Kathryn Eytle-Mc Lean (Chairman), Mr Edward A. Beharry, Mr Paul Cheong and Mr Robin Stoby, S.C. and the ChiefExecutive Officer as ex-officio member, and meets semi-annually.
The Credit Committee
The Credit Committee comprises the full Board,and plays a crucial role within the Bank’s sphere of credit appraisal.
The granting of credit is paramount among the Bank’s income generating activities, and the Credit Committee makes all credit decisions involving amounts over a stipulated level. This Committee expends much effort in the analyzing of the risk related to credit decisions, and reviews and monitors the processes for the maintenance of credit quality, and gives direction on the areas where surplus funds may be invested after taking full account of the relevant risks. This Committee meets once per month and more frequently as necessary.
Building Committee
This Committee is made up of three (3) Nonexecutive Directors: Mr Michael Cummings, Mr Basil Mahadeo, Mr Edward A. Beharry, and the Chief Executive Officer as ex-officio member. Mr Cummings, who is the Chairman, is an Engineer by profession. The committee plays monitoring and advisory roles in relation to all major construction projects undertaken by the Bank, and is active throughout the whole building process, from the appointment of an Architect right through to the handing over of the completed project. This Committee meets as the need arises.
External Auditors
The Board believes in the maintenance of independence of its External Auditors and therefore does not use its External Auditors for ‘other’ services. By this means the Board demonstrates its
commitment to ensuring that the External Auditors are seen to be independent and that conflicts of interest are obviated.
Strategy
The Board approves and reviews the Bank’s Strategic Plan and within the context of this plan, approves Annual Budgets, which include all capital and current expenditure, proposed developments in Information Technology and the provision of new products to customers.In all its deliberations, the Board seeks to arrive at consensus before approving implementation.
