Corporate GovernanceCorporate governance refers to the way in which a Company is governed, how it makes decisions, its processes and policies, and how it balances the varying interests of its stakeholders, including its shareholders, customers, employees and generally, the Community in which it operates. Strong corporate governance is one of the key elements to maintaining trust in any organization and ACB Grenada Bank Ltd., as part of the ACB Caribbean Group, remains cognizant of the importance of adhering to both regional and international best practices, as they continue to evolve.
The Company’s Board of Directors is committed to excellence in corporate governance and has established a structure that enables members to perform their responsibilities and duties with integrity, honesty and in a professional manner, in accordance with the Company’s Bylaws and other legal and regulatory requirements.
The Company’s structure is based on an effective Board and the separation of the Board’s oversight role from Management, as guided by its Board Charter.
The role of the Board of Directors has two fundamental elements:
- the decision-making function- this is exercised by the formulation of policies and strategic goals and through the approval of certain significant business decisions;
- the oversight function- this concerns the review of Management’s decisions, the adequacy of internal systems and controls and the implementation of policies.
As part of the ACB Caribbean Group, the Company has been incorporated into the Group’s governance structure and benefits from the work of Standing Committees to include the Governance and Executive Committee, Credit Committee, Human Resource and Compensation Committee, Technology Committee and the Scholarship and Education Committee.
ACB Grenada Bank regularly reviews its corporate governance policies and procedures at all levels and the Board implements changes to its corporate governance framework, where appropriate.