As a quoted company on the Lusaka Stock Exchange (LuSE), Investrust Bank Plc follows the 2005 LuSE Corporate Governance Code. The Bank is committed to the principles of openess, integrity and accountability. One of the primary responsibilities of the Board was to ensure adherence to the principles of sound corporate governance.
BOARD COMMITTEES
The Board is assisted in the discharge of its responsibilities by a number of sub-committees. These committees are accountable to the Board, with the exception of the Management Committee, ALCO and Management Credit Committee, who report to the Chief Executive Officer. Minutes of sub-committee meetings are circulated and reported on at the following Board meeting. Senior Management staff are invited to attend meetings where appropriate.
AUDIT COMMITTEE
The Audit Committee assists the Board in the discharge of its duties relating to financial reporting to all stake holders, compliance, risk management and the effectiveness of account and management information systems. For practical reasons, the Board has recommended that the members of the Audit Committee will also discharge the functions of the Board Risk Committee, as opposed to having a separate Board Risk Committee.
The Audit Committee during the year was made up of the following:
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Mr. R. L. Bvulani
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Chairman
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Mr. F. C. Ndhlovu
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Managing Director and Chief Executive Officer
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Mr. M. M. McNie
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Non-Executive Director
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Mr. A. Kalikiti
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Company Secretary
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The Loans Review Committee is constituted in accordance with the Banking and Financial Services Act, 1994(as amended). In 2005, the Committee met three times to review the quality and collectibility of the Bank's loan portfolio, including any accrued and unpaid interest. Reports of such loan reviews are made for the Board of Directors necessary action.
The Audit Committee during the year was made up of the following:
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Dr. J. B. Zulu
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Chairman
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Mr. F. C. Ndhlovu
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Managing Director and Chief Executive Officer
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Mr. R. L. Bvulani
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Non-Executive Director
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Mr. A. Kalikiti
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Company Secretary
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In managing of credit risk, the Loans Review Committee is assisted by a Management Credit Committee, which is responsible to the Board for the approval and extension of advances. The Committee meets as and when required to discuss credit issues and approval, and makes recommendation for loans and advances.
The Management Credit Comittee during the year was made up of the following:
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Mr. F. C. Ndhlovu
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Managing Director and Chief Executive Officer
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Mr. A. E. V. Jayetileke
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Head - Corporate Relations (Retired May 31, 2005)
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Mr. Z. Zimba
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Head - Treasury
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Mr. R. Phiri
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Head - Corporate Finance and Credit
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Mr. P. Msoni
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Head - Marketing (Retired May 31, 2005)
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Mr. T. N. Daka
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Head - Operations (Retired May 31, 2005)
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Mr. E. Mtonga
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Head - Operations (Appointed September 1, 2006)
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Mr. A. P. R. de Zoysa
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Head - International Relations and Marketing (Retired July, 2006)
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Mr. A. Kalikiti
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Company Secretary
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The main purpose of the Committee is to manage the liquidity and cash flow of the Bank, capital position, asset and liability mismatches, compliance with internal limits and regulatory ratios and exposures to exchange rate and interest rate movements.
The Committee during the year was made up of the following:
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Mr. F. C. Ndhlovu
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Managing Director and Chief Executive Officer
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Mr. A. E. V. Jayetileke
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Head - Corporate Relations (Retired May 31, 2005)
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Mr. Z. Zimba
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Head - Treasury
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Mr. R. Phiri
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Head - Corporate Finance and Credit
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Mr. P. Msoni
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Head - Marketing (Retired May 31, 2005)
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Mr. T. N. Daka
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Head - Operations (Retired May 31, 2005)
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Mr. E. Mtonga
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Head - Operations (Appointed September 1, 2006)
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Mr. A. P. R. de Zoysa
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Head - International Relations and Marketing (Retired July, 2006)
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Mr. H. Mafuta
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Chief Accountant
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Mr. A. Kalikiti
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Company Secretary
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