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 The ARC approved the yearly internal audit
of financial services. The Board reports annually undertake and advise on certain areas of responsibility. of the Audit and Risk Committee (ARC) and programme and followed its implementation
to the Council of Ministers on the discharge by The Governance Resolution of the Board provides for Daniel L. Glaser as a member of the ARC. through regular communication with the
the Board of the QFCRA’s functions; the extent to the establishment of an Audit and Risk Committee Head of Internal Audit. In 2023, the ARC met
The principal focus of the ARC is to monitor and oversee:
which, in its opinion, the QFCRA objectives have as well as a Nominations and Remuneration with the external auditors of the QFCRA and
been met; and other matters required by law. Committee and sets out the nature and membership oversaw the completion of the external audit
• the effectiveness of the QFCRA’s policies,
of these committees. The committees review concerning the QFCRA’s financial statements.
procedures and internal controls including
matters under their Terms of Reference and make
Board meetings recommendations and provide 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 2023. • 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 It is the ARC’s view that the QFCRA continues
Board activity
• business continuity and disaster recovery plans. to apply appropriate policies and controls to its
Jean-François Lepetit serves as Chairman of the
The Board reviewed and approved a number of new various business areas and operations. The internal
Nominations and Remuneration Committee (NRC) and The ARC met in 2023, supplemented by exchanges
rules and rule amendments in 2023, considered audit function and internal controls framework are
Dr Jeffrey Carmichael as a member of the NRC. of information between meetings. The Chief Financial
various regulatory policies and enforcement matters, working as intended, assuring that improvement
The principal areas of focus for the NRC include Officer and Chief Operating Officer, the Head of Internal
and reviewed a number of standing items. The rule opportunities are identified and addressed.
considering and delivering recommendations to the Board Audit, the Director and Deputy Director of Information
and policy amendments decided by the Board in 2023
regarding remuneration policy. The NRC also considers Technology, and other executives attended ARC
were the Derivatives Markets and Exchanges Rules
strategic human resources matters such as progress meetings by invitation. The ARC reviewed updates on the
2023, Insurance Business Amendment Rules 2023,
on the recruitment and training of Qatari employees. status of the QFCRA’s risk register that forms part of the
Miscellaneous Amendments Rules 2023, General
At each meeting in 2023, the NRC received a general Enterprise Risk Management Framework. The ARC was
(Decision Notices) Amendment Rules 2023 and the
update on human resource matters including nationalisation also kept informed of developments in relation to the
Banking Business Prudential Amendment Rules 2023.
efforts, organisational development, headcount, turnover, QFCRA’s business continuity and disaster recovery plans.
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.
