The Board operates under the framework set out in our Corporate Governance Statement. This framework follows the corporate governance principles set out by the Financial Markets Authority. The Code of Conduct and Ethics is our commitment to maintain the highest standards of honesty, integrity and ethical conduct throughout our business.
The Board delegates responsibility for the day-to-day management of the Bank to the Chief Executive within a Delegated Authorities Framework. The CEO in turn delegates to members of the Senior Leadership Team.
The Board's responsibilities
The Board Charter sets out the role, responsibilities, composition and conduct of the Board. It outlines the responsibility of the Chair, Deputy Chair and individual directors. The Charter also sets expectations for the review and development of board and director performance.
The Board's responsibilities
The Board’s main areas of focus include:
- Approving the Core Foundations, strategy and goals of the Bank
- Appointing the Chief Executive
- Approving the business plan and budget, and monitoring performance
- Setting the Bank’s risk appetite and framework for managing risk
- Ensuring compliance with regulation and legislation
- Ensuring the financial statements are true and fair
- Reporting openly and honestly to shareholders, the Reserve Bank and other stakeholders
The Directors meet at least eight times a year.