CCG 2012) as well as licensed under the above mentioned in Maybank Berhad.
In Public Bank, the Board delegates the day-to-day management of Public Bank's business to the Board Executive Committee but reserves for its consideration significant matters such as the approval of financial results, declaration of dividends, risk appetite setting, short-term and medium-term business plans, annual budget, governance structure for implementation of internal capital adequacy assessment process (ICAAP) and Public Bank Groups ICAAP Framework, capital management plan, credit policy and appointment of key responsible persons.
The principle responsibilities of the Board are such as formulating the Bank's annual business plans and the medium-term and long-term strategic plans, approving the Bank's annual budget and carrying out periodic review of the achievements by the various operating divisions against their respective business targets, prescribing the minimum standards and establishing policies on the management of credit risks and other key areas of the Bank's operations, overseeing of the Bank's business operations and financial performance, ensuring that the operating infrastructure, systems of control, systems for risk identification and management, financial and operational controls are in place and properly implemented and lastly to undertake various functions and responsibilities as specified in the guidelines and directives issued by BNM from time to time.
In view of Maxis Berhad, the Board has formally adopted a Board Charter that clearly sets out the role, functions, composition, operation and processes of the Board. The Board Charter was published on Maxis' Corporate website as soon as it was finalised and approved by the Board. It seeks to ensure that all Board members are aware of their duties and responsibilities as Board members. It also acts as a source of reference and primary induction literature for prospective Board members and Senior Management. It is also intended to assist the Board in assessing its collective performance and that of each individual Director.
The Board charter assumes its duties and responsibilities in reviewing, adopting and monitoring the implementation of a strategic business plan for the Group, overseeing the conduct of the Group's business to evaluate whether the business is being properly managed. This includes ensuring that there are measures in place against which management's performance can be assessed, identifying principal risks and ensuring the implementation of appropriate systems to manage these risks, succession planning, including appointing, training, fixing the compensation of and where appropriate, replacing key management, developing and implementing an investor relations programme or shareholder communications policy for the Group and encouraging the use of information technology for effective dissemination of information, reviewing the adequacy and integrity of the Group's systems of internal control and of management information, including ensuring that a sound risk management framework, reporting framework and systems for compliance with applicable laws, regulations, rules, directives and guidelines are in place and reviewing, adopting and implementing appropriate corporate disclosure policies and procedures.
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