Lombard Bank
Carees New

Corporate Governance

Board of Directors

 

 

Executive Director 

Joseph Said (Chief Executive Officer) 

 

 

 

Non-Executive Directors 

Michael C Bonello (Chairman)  

 

Graham A Fairclough 

 

Kimon Palamidis

 

Michael Zammit  

 

Board Committees

Audit & Risk Committee

The Audit & Risk Committee assists the Board in fulfilling its supervisory and monitoring responsibility for effective financial reporting, risk management, control and governance and this by, inter alia, reviewing any financial information, statements and disclosures to be issued, systems of governance, systems of internal control established by Management and the Board, the risk management processes as well as the external and internal audit processes.

The Audit & Risk Committee is composed of the following four (4) non-executive Board members three (3) of whom are independent: Michael C. Bonello (Chairman), Graham A. Fairclough, Kimon Palamidis and Michael Zammit in accordance with the Audit & Risk Committee’s Terms of Reference. Michael C. Bonello is considered by the Board to be independent and competent in accounting and/or auditing in terms of the Listing Rules, having previously served in various senior positions within other institutions, including as Governor of the Central Bank of Malta for a number of years.

Assets & Liabilities Committee (ALCO)  - The main objective of this Committee is to manage risks within approved parameters while maximising the Bank’s returns of its assets and liabilities. It is composed of a number of Chief Officers and senior officers, including from the Finance and Treasury departments.

Credit Committee  - This Committee is responsible for considering and approving credit applications within delegated limits of authority and is composed of a number of Chief Officers and senior officers.

Suitabilites & Evaluations Committee  - This Committee is responsible for carrying out suitability assessments of nominated/existing Directors, Key Function holders or any other persons as may be required and also assesses the Board’s annual performance and that of its committees following the completion of the self-evaluations by the Board and committee members.

Remuneration Committee  - The functions of the Remuneration Committee are carried out by the Board of Directors in view of the fact that the remuneration of Directors is not performance-related.

 

External auditors

The Group's External Auditors are PricewaterhouseCoopers Malta – https://www.pwc.com/mt/en