Page 15 - Annual Report 2021 EN
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Governance Framework
Governance composition
Board composition Committees of the Board Audit and Risk Committee
The Board has significant expertise in the regulation The Board is empowered to establish committees to Dr Jeffrey Carmichael serves as Chairman of the Audit All matters of significant discussion were
of financial services. The Board reports annually undertake and advise on certain areas of responsibility. and Risk Committee (ARC) and Daniel Glaser as a reported to the Board, which also received the
to the Council of Ministers on the discharge by The Governance Resolution of the Board provides for member of the ARC. minutes of all ARC meetings.
the Board of the QFCRA’s functions; the extent to the establishment of an Audit and Risk Committee
which, in its opinion, the QFCRA objectives have as well as a Nominations and Remuneration The principal focus of the ARC is to monitor and oversee: It is the ARC’s view that the QFCRA continues
been met; and other matters required by law. Committee and sets out the nature and membership to apply appropriate policies and controls to its
of these committees. The committees review • the effectiveness of the QFCRA’s policies, procedures and various business areas and operations.
matters under their Terms of Reference and make internal controls including those for financial reporting; The internal audit function and internal controls
Board meetings recommendations and provide reports to the Board. • compliance with legal and other requirements; framework are working as intended and provide
• the performance of the internal audit function and
assurance that improvement opportunities are
The Board met four times in 2021. the external audit firm appointed by the QFCRA;
identified and addressed.
Nominations and Remuneration Committee • the effectiveness of the internal controls framework; and
• business continuity and disaster recovery plans.
Board activity Jean-François Lepetit serves as Chairman of the
Nominations and Remuneration Committee (NRC) and The ARC met in 2021, supplemented by exchanges of
The Board reviewed and approved a number of
Dr Jeffrey Carmichael as a member of the NRC. information between meetings. The Head of Internal
consultation papers and one rule amendment in
Audit, the Managing Director of Corporate Services, the
2021, considered various regulatory policies and
The principal areas of focus for the NRC include Director and Deputy Head of Information Technology,
enforcement matters, and reviewed a number of
considering and delivering recommendations to the Board and other executives attended ARC meetings by
standing items. The rule amendments decided by
regarding remuneration policy. The NRC also considers invitation. The ARC reviewed updates on the status of the
the Board in 2021 were the CTRL Repeal, ISFI Partial
strategic human resources matters such as progress QFCRA’s risk register that forms part of the Enterprise
Repeal and Consequential Amendments Rules 2021.
on the recruitment and training of Qatari employees. Risk Management framework. The ARC was also kept
informed of developments in relation to the QFCRA’s
At each meeting in 2021, the NRC received a general business continuity and disaster recovery plans.
update on human resource matters including nationalisation
efforts, organisational development, headcount, turnover, The ARC approved the yearly internal audit programme
contract renewals of senior management, succession and followed its implementation through regular
planning, promotions, internships and secondments. communication with the Head of Internal Audit. In
2021, the ARC met with the external auditors of the
All matters of significant discussion were reported to the QFCRA and oversaw the completion of the external
Board, which also received the minutes of all NRC meetings. audit concerning the QFCRA’s financial statements.
