Page 15 - Annual Report 2022 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 The ARC approved the yearly internal audit
of financial services. The Board reports annually undertake and advise on certain areas of responsibility. and Risk Committee (ARC) and Daniel Glaser as a programme and followed its implementation
to the Council of Ministers on the discharge by The Governance Resolution of the Board provides for the member of the ARC. through regular communication with the
the Board of the QFCRA’s functions; the extent to establishment of an Audit and Risk Committee as well as Head of Internal Audit. In 2022, the ARC met
which, in its opinion, the QFCRA objectives have a Nominations and Remuneration Committee and sets The principal focus of the ARC is to monitor and oversee: with the external auditors of the QFCRA and
been met; and other matters required by law. out the nature and membership of these committees. oversaw the completion of the external audit
• the effectiveness of the QFCRA’s policies,
The committees review matters under their Terms of concerning the QFCRA’s financial statements.
procedures and internal controls including
Reference and make recommendations and provide
Board meetings reports to the Board. those for financial reporting; All matters of significant discussion were
• compliance with legal and other requirements;
reported to the Board, which also received
The Board met four times in 2022. • the performance of the internal audit function and
the minutes of all ARC meetings.
Nominations and the external audit firm appointed by the QFCRA;
Remuneration Committee • the effectiveness of the internal controls framework; and
Board activity It is the ARC’s view that the QFCRA continues
• business continuity and disaster recovery plans.
to apply appropriate policies and controls to
Jean-François Lepetit serves as Chairman of the
The Board reviewed and approved a number of new its various business areas and operations.
Nominations and Remuneration Committee (NRC) The ARC met in 2022, supplemented by exchanges
rules and rule amendments in 2022, considered The internal audit function and internal
and Dr Jeffrey Carmichael as a member of the NRC. of information between meetings. The Chief Financial
various regulatory policies and enforcement matters,
Officer and Chief Operating Officer, the Head of Internal controls framework are working as intended
and reviewed a number of standing items. The rule and provide assurance that improvement
The principal areas of focus for the NRC include Audit, the Director and Deputy Director of Information
and policy amendments decided by the Board in 2022 opportunities are identified and addressed.
considering and delivering recommendations to the Board Technology, and other executives attended ARC
were the Professional Investor Funds Rules 2022,
regarding remuneration policy. The NRC also considers meetings by invitation. The ARC reviewed updates on the
PRIV Repeal and Consequential Amendments Rules
strategic human resources matters such as progress status of the QFCRA’s risk register that forms part of the
2022, General (Auditors) Amendments Rules 2022,
on the recruitment and training of Qatari employees. Enterprise Risk Management framework. The ARC was
Banking Business Prudential (Regulatory Adjustments
also kept informed of developments in relation to the
to Capital) Amendments Rules 2022 and the Derivatives
At each meeting in 2022, the NRC received a general QFCRA’s business continuity and disaster recovery plans.
Markets and Exchange Regulatory Rules Framework.
update on human resource matters including nationalisation
efforts, organisational development, headcount, turnover,
contract renewals of senior management, succession
planning, promotions, internships and secondments.
All matters of significant discussion were reported to the
Board, which also received the minutes of all NRC meetings.
