Page 54 - Stanbic Bank IR 2024

52 EXECUTING OUR STRATEGY | Our Corporate Governance Principles

PRINCIPLE 12 PRINCIPLE 13

Information and Technology Compliance Governance
Governance The Board governs compliance with

The Board governs technology and applicable laws, and adopted non-
information in a way that supports binding rules, codes and standards in
the Bank in setting and achieving its a way that supports the Bank in
strategic objectives. being ethical and a good corporate
citizen.
The Board views technology and information as integral
components for not only driving the Bank’s strategy, but The Board is committed to the principle of doing the
as vital for any organisation’s survival in the new right business the right way, which encompasses
industrial revolution. The Board has delegated complying with applicable legislation, regulations,
governance of technology and information to the Board standards, and codes. Oversight over compliance
IT Committee (BITC). management is delegated to the BAC.

The BITC assists with the oversight of the strategic The Head: Compliance reports to the BAC and enjoys
direction and transformation of the Bank’s information unfettered access to the Committee. The BAC receives
security, technology, and data capabilities. It ensures reports on the status of the Bank’s compliance risk
that prudent and reasonable steps are taken to govern management, significant areas of non-compliance, and
technology and information in line with King IV. interaction with regulators, on a quarterly basis.
The Board Risk Management Committee and the Board
Audit Committee also play a role in the governance of
technology and information. The BRMC has oversight on
non-financial risk, which includes technology and
information risks. The BAC monitors the implementation
of remedial actions listed in the internal and external PRINCIPLE 14
audit reports that pertain to technology and
information.
Remuneration Governance

The Board ensures that the group
remunerates fairly, responsibly, and
transparently so as to promote the
achievement of strategic objectives
and positive outcomes in the short,
medium and long term.
The Board reviewed and adopted the remuneration
policy which sets out the elements of remuneration that
are offered in the organisation.

Non-executive directors’ remuneration is determined by
shareholders in a general meeting on recommendation
by the board and with the support and oversight of the
Group Remuneration Committee. Non-executive
directors’ remuneration is reviewed on an annual basis
and benchmarked against local peers. Non-executive
directors do not receive shares or options or any
incentive in addition to fees.

Sitting Fee Annual Retainer
Board
Chair 49,095.00 196,381.00
Member 32,730.00 98,191.00
Board Committees (Other than BAC)
Chair 23,378.72 62,343.24
Member 15,585.81 47,380.87
Board Audit Committee Fees
Chair 40,913.00 115,210.00
Member 32,730.00 99,500.00