The principal responsibility of the board is to promote the long-term success of the group in a manner consistent with its culture, values and standards and so create and deliver sustainable shareholder value.
The board is ultimately responsible for the business strategy and financial soundness of the group and for establishing a governance structure and practices which facilitate effective decision making and good governance.
The board sets the tone at the top and oversees management’s role in fostering and maintaining a sound corporate and risk culture. This includes clearly laying out the key responsibilities and authorities of the board itself and of senior management and of those responsible for the risk management and control functions.
The board also plays a key role in establishing the group’s culture and values and in ensuring there is not excessive risk taking within the group. The structure of the group is driven by both top down board leadership and bottom up management involvement and the board continually assesses whether the senior management’s collective knowledge and expertise remain appropriate given the nature of the business and the group’s risk profile.