Page 15 - Annual Report 2019

12 ANNUAL REPORT 2019

Governance Framework

Board composition Committees of the Board Nominations and Remuneration Committee
The Board has seven members who have significant The Board is empowered to establish committees to Jean-François Lepetit serves as Chairman of the
expertise in the regulation of financial services. The undertake and advise on certain areas of responsibility. Nominations and Remuneration Committee (NRC)
Board reports annually to the Council of Ministers The Governance Resolution of the Board provides for and Dr Jeffrey Carmichael as a member of the NRC.
on the discharge by the Board of the Regulatory the establishment of an Audit and Risk Committee The NRC met four times in 2019. The Chief Executive
Authority’s functions; the extent to which, in its as well as a Nominations and Remuneration Officer and the Managing Director, Corporate Services
opinion, the Regulatory Authority objectives have Committee and sets out the nature and membership attended meetings of the NRC by invitation in 2019.
been met; and other matters required by law. of these committees. The committees review
matters under their Terms of Reference and make The principal areas of focus for the NRC include
Board activity recommendations and provide reports to the Board. considering and delivering recommendations to the Board
regarding remuneration policy. The NRC also considers
The Board reviewed and approved a number of new Board internal evaluation strategic human resources matters such as progress on
rules and rule amendments in 2019, considered the recruitment and training of Qatari employees.
various regulatory policies and enforcement matters, In 2019 the Board continued its practice of
and reviewed a number of standing items. The rule undertaking a self-assessment exercise, the purpose At each meeting in 2019 the NRC received a general update
and policy amendments decided by the Board in of which is to review Board practices and to find on human resources matters including nationalisation
2019 included the Customer and Investor Protection ways to improve efficiency and effectiveness. efforts, organisational development, headcount, turnover,
Rules 2019, the Customer Dispute Resolution Scheme contract renewals of senior management, succession
Rules 2019, the Conduct of Business Repeal and Board meetings planning, promotions, internships and secondments.
Miscellaneous Amendments Rules 2019, the Banking The Board met four times in 2019.
Business Prudential (Leverage Ratio) Amendments The NRC was also informed of the results of an employee
2019, the Islamic Banking Business Prudential engagement survey and subsequent action plans. The NRC
(Leverage Ratio) Amendments Rules 2019, the endorsed the 2020 compensation plan.
Collective Investment Schemes Amendments Rules
2019, the Anti-Money Laundering and Combatting All matters of significant discussion were reported to the
the Financing of Terrorism Rules 2019 and the Anti- Board, which also received the minutes of all NRC meetings.
Money Laundering and Combatting the Financing
of Terrorism (General Insurance) Rules 2019.