Certain day-to-day activities of the Bank have been delegated by the Board to the Bank’s Management Executive Committee (the “MEC”). The MEC meets weekly and reports to the Board.
The MEC is composed of key members of management, whose appointments to the MEC are approved by the Nomination, Compensation & HR Committee. The responsibilities of the MEC include:
- establishing the organization structure for management and management committees;
- implementing strategy set by the Board and recommending strategy and policy decisions;
- recommending the Bank’s annual budget and funding plan;
- approving key performance indicators for each business line;
- approving expenditures, up to certain delegated limits set by the Board;
- approving establishment of branches, agencies, joint ventures and subsidiaries and appointments of directors to subsidiaries;
- approving debt-funding issues, hedging and investments, up to certain delegated limits set by the Board;
- approving recovery settlements and write-offs, up to delegated limits set by the Board;
- approving new products;
- approving Bank policies, excluding those falling within the Board’s responsibility.
Other management committees included the Capital Expenditure Committee, the Assets & Liabilities Committee, the Management Risk & Credit Committee, the Senior Management Committee, the Management Recoveries Committee, the Liabilities, Product Performance & Cross Selling Committee, the Management HR Committee, and the Management Financial Performance Management Committee. Separate working groups are established by the MEC on an “as required” basis. All management committees report to the MEC. The MEC has full authority to review and reorganize the composition and terms of reference of the management committees and other working groups.