- 20 Marks
CG – APR 2023 – L4 – Q2 – Role of Remuneration Committee under Basel III
Examine responsibilities of the Remuneration Committee to enhance its TOR for Basel III compliance.
Question
The Board of Light Bank Plc intends to review the role of the Remuneration Committee to satisfy the requirements of Basel III. Pillar III requirement on disclosures. The Board has engaged you as a Corporate Governance Consultant. You are satisfied from an initial assessment of the committee’s terms of reference (TOR) that it covers areas such as role, constitution, membership, proceedings of meetings, reporting and disclosure, governance and resources, and terms of reference. You observe that the section on responsibilities does not reflect the strategic objectives of the bank.
REQUIRED
Critically examine the main responsibilities (tasks/ functions) of the Remuneration Committee to assist the board of Light Bank Plc to have a comprehensive Terms of Reference (TOR) for the Committee. (25 marks)
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