Page 14 - Annual Report 2019

11 ANNUAL REPORT 2019

Governance

The Regulatory Authority operates under a governance Governance Structure
framework designed to ensure transparency, integrity,
independence, accountability and fairness. It is committed
to demonstrating best practice and leadership in this
area. The Governance Resolution of the Board of the
Regulatory Authority sets out the policy of the Board
on various governance matters, reflecting the intention
that the business of the Regulatory Authority is conducted
in accordance with its regulatory objectives, applicable
laws and principles of sound governance.
Role of the Board

The role of the Board is to lead the Regulatory Authority
in line with the QFC Law and its amendments and other
applicable legislation. The Board sets the strategic direction
for the Regulatory Authority; oversees the executive
management’s discharge of the day-to-day business of the
Regulatory Authority; sets policies to manage risks to the
Regulatory Authority’s operations and the achievement of its
regulatory objectives; and seeks regular assurance that the
system of internal controls is effective in managing risks.