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The precise functions reserved for the Board, and those delegated to management and committees will vary, dependent upon the business of the institution, its size and ownership structure. However, as a minimum, the Board must establish and maintain a statement of its responsibilities for:

(a) The adoption and annual review of strategy;
(b) The adoption and review of management structure and responsibilities;
(c) The adoption and review of the systems and controls framework; and
(d) Monitoring the implementation of strategy by management.
Amended: April 2011
October 2010
(2 Versions)
Oct 1 2010 - Mar 31 2011Apr 1 2011 onwards
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