In order to more effectively implement the Bank's management functions in the Bank and perform duties to monitor the Bank's activities, there are Committees under the Bank's Council to review and develop recommendations on the most important issues within the competence of the Council of the Bank.
Audit Committee
The main objective of the Committee is to organize and maintain an appropriate internal control system in the Bank.
Tasks of the Committee:
- participation in the process of developing and approving financial statements and internal audit policies;
- control over the submission, completeness and reliability of regulatory, financial and other reporting;
- preparing information for meetings of the Supervisory Board and submitting reports on issues within the Audit Committee’s competence to the Supervisory Board;
- control over the interaction of the Bank with internal and external auditors;
- considering the appointment (dismissal) of the head of the Internal Audit Service and submitting proposals to the Supervisory Board;
- studying quarterly reports of the Internal Audit Service and submitting them to the Supervisory Board;
- assessing the Internal Control and Internal Audit Systems of the Bank to ensure the effectiveness and consistency of these systems, reviewing plans of internal audit and frequency thereof, participating in assessing the degree of fulfillment of their tasks and duties by the head of the Internal Audit Service and expressing their opinion;
- at least once a quarter, meeting the head of the Internal Audit Service and discussing issues related to the activities of the Internal Audit Service;
- providing practical assistance to the Supervisory Board in evaluating the proposals of the external auditor, preparing recommendations for the Supervisory Board when choosing an external auditor;
- submitting proposals to the Supervisory Board on the maximum amount of remuneration for the services of external auditors and the conclusion (termination) of an agreement with them;
- providing practical assistance to the Supervisory Board in the development of terms of reference for external auditors;
- accepting internal and external audit reports and control of the elimination by the Board of Directors of the Bank of inconsistencies with legislative acts, policies and internal policies and procedures of the Bank and shortcomings revealed by the controlling units;
- reviewing reports and conclusions of the external audit and submitting them to the Supervisory Board;
- in cases of unsatisfactory work of external auditors, submitting recommendations to the Supervisory Board on their change;
- considering the transparency of banking activities, as well as the adequacy and accuracy of data disclosure;
- preparing a report on the activities of the Audit Committee, etc.
The Committee for staff assessment, development and remuneration
- Implementation of main provisions in the field of the Bank’s staff management and development;
- monitoring and optimization of the number of employees of the Bank and its structural divisions for effective performance of the tasks set;
- development of corporate values and implementation of the Bank's corporate culture;
- taking decisions (as needed) on establishment of individual increments and other types of incentive payments to all employees of the Bank;
- setting the scale of increments to official salaries and other types of payments to employees of the Bank and its structural divisions;
- taking decisions on payment for training (full-time and part-time) of the Bank’s employees;
- consideration of issues related to work with personnel in collegial decision making.
Commission for settlement of conflicts of interest in the Bank
Monitoring the prevention of conflicts taking into account verbal and written statements and demands of shareholders, clients, members of management bodies and employees of the Bank about conflicts of interest, as well as searching for a solution that, being legal and justified, would eliminate the conflict of interests which has arisen or is emerging.
The Bank's Credit Committee for corporate lending
The main goal of the Committee is to implement the Bank’s Credit Policy and form a portfolio of the Bank’s corporate lending operations with an acceptable level of risk in accordance with the Bank’s Credit Policy, internal policies and procedures of the Bank and the current legislation of the Republic of Uzbekistan.
The main tasks of the Committee are as follows:
- considering issues on corporate lending to legal entities, individual entrepreneurs without forming a legal entity;
- implementing measures to reduce possible financial losses on credit operations;
- control over the state of the loan portfolio of the Banking Services Center of the Bank on credit operations;
- minimizing credit risk, increasing the efficiency of using the resources of the Bank’s BSC in accordance with the Bank’s Credit Policy, internal policies and procedures of the Bank and the current legislation of the Republic of Uzbekistan;
- control over the effectiveness of the credit risk management process of the Bank’s BSC in terms of corporate lending in accordance with the Bank’s Credit Policy, internal policies and procedures of the Bank and the current legislation of the Republic of Uzbekistan;
Credit Committee on retail lending of the Bank
The main goal of the Committee is to implement the Bank’s Credit Policy and form a portfolio of the Bank’s retail lending operations with an acceptable level of risk in accordance with the Bank’s Credit Policy, internal policies and procedures of the Bank and the current legislation of the Republic of Uzbekistan.
The main tasks of the Committee are as follows:
- considering issues related to retail lending to individuals;
- developing procedures and methods for internal control over the state of the retail loan portfolio for lending operations;
- minimizing credit risk, increasing the efficiency of using the Bank’s resources in accordance with the Bank’s Credit Policy, internal policies and procedures of the Bank and the current legislation of the Republic of Uzbekistan;
- control over the effectiveness of the Bank’s credit risk management process in terms of retail lending in accordance with the Bank’s Credit Policy, internal policies and procedures of the Bank and the current legislation of the Republic of Uzbekistan;
Fanancial committee
The functions of the financial committee is to ensure the optimal balance between liquidity and profitability with adequate solvency of the bank.
Main tasks of the committee are the following:
- participation in the development of the business plan and policies of the bank;
- development and implementation of methods, schemes and mechanisms for optimizing the structure of the bank's assets and liabilities, providing control and analysis of the profitability of active and costly passive operations conducted in the bank in combination with their liquidity;
- organization, coordination and performance of analytical work at the level providing adequate information for making timely management decisions regarding the management of active-passive transactions
- organization and coordination of innovative projects development in order to provide the bank attractiveness in the banking services market and financial market.
Committee for evaluation, development and remuneration of personnel
The main goal of the HR Committee under the Management Board is to implement the Bank's HR policy.
The main tasks of the HR Committee under the Management Board include:
- implementation of main provisions in the field of management and development of the Bank staff;
- monitoring and optimization of the number of the Bank’s staff and its structural divisions for effective performance of the tasks set;
- establishment/deprivation/reduction/increase of bonuses to official salaries and other types of payments to the Bank’s staff and its structural divisions within its competence;
- monitoring compliance with corporate values, performance and labor discipline of the Bank’s staff and its structural divisions;
- consideration of issues related to work with personnel for which a collective decision is required.
The HR Committee of the Management Board is responsible for evaluation, rewarding, punishment, and development of the following executives and other employees, other than employees who are part of the HR Committee under the Bank's Supervisory Board:
- employees of the Head office, Central Operating Department (hereinafter referred to as the COD), and Bank Services Center;
- employees of the Bank's branches included in the establishment of the Bank's Head office.
- heads of structural divisions of the Bank branches (directorates, departments).
Bringing to financial responsibility and application of disciplinary punishments and retaliations (prevention, deprivation/reduction of bonuses, deprivation/reduction of premium) for misconduct of the above employees are subject to the decision of the HR Committee in accordance with the Bank’s applicable local acts and applicable laws.