Remuneration Committee

 

 

Objective

 

The primary objective of the Remuneration Committee (RC) is to provide a formal and transparent procedure for developing a remuneration policy for Directors, Managing Director and key Senior Executives (Vice President who is also a Head of Function and above) and ensuring that compensation is competitive and consistent with the Bank's culture, objectives and strategy.

 

 

Roles and Responsibilities

 

The functions and responsibilities of the RC are as follows:

   
 

i)


Recommending a framework of remuneration for Directors, President/Group Managing Director and key Senior Executives (Vice President who is also a Head of Function and above). The remuneration policy should:


 


Be documented and approved by the full Board and any changes thereto should be subject to the endorsement of the full Board;



Reflect the experience and level of responsibility borne by individual Directors, the President/Group Managing Director and key Senior Executives (Vice President who is also a Head of Function and above);



Be sufficient to attract and retain Directors, President/Group Managing Director and key Senior Executives (Vice President who is also a Head of Function and above) of calibre needed to manage the Bank successfully; and



Be balanced against the need to ensure that the funds of the Bank are not used to subsidise excessive remuneration packages.


ii)


Recommending specific remuneration packages for Directors, President / Group Managing Director and key Senior Executives (Vice President who is also a Head of Function and above). The remuneration packages should:


 


Be based on an objective consideration and approved by the full Board;



Take due consideration of the assessments of the Nominating Committee of the effectiveness and contribution of the Director, President/Group Managing Director or key Senior Executives (Vice President who is also a Head of Function and above) concerned;



Not be decided by the exercise of sole discretion of any one individual or restricted group of individuals; and



Be competitive and is consistent with the Bank's culture, objective and strategy.


iii)

Endorsing any changes deemed necessary to the schemes, terms of services and new terms for executives and staff of BPMB before submission to the Board of Directors for final approval.