Page 16 - Annual Report 2020

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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.

T ABLE OF C ONTENT S