Committee oversight of Group operations by the parent board Audit Committee. The objective of the meeting was to
enhance the process of good subsidiary governance, while at the same time ensuring that each subsidiary Committee
conformed to the Group Corporate Governance architecture and to its specific jurisdictional requirements.
plans, human resources policies and practices to attain the Company's strategic goals, executive management recruitment,
succession plans, performance evaluation and compensation.
are Christopher de Caires (appointed Chairman on June 28, 2006 and a Member on October 26, 2005), Professor Sir Hilary
Beckles (appointed a Member on June 28, 2006), Dr Jeannine Comma (appointed a Member on September 18, 2007) and
Terrence Martins (a former Committee Chairman appointed a Member on October 26, 2005).
Development and Compensation Strategy for the entire Group. The main aspects of the Strategy are harmonising
structure, composition, recruitment, job analysis, job evaluation, compensation, salary grades, long-term incentives,
pay-for-performance productivity plans and recognition and rewards programmes. The Committee also reviewed the
organisational structure, executive recruitment, performance and succession planning. Finally, it granted awards to
qualified participants under the annual cash incentive, long-term incentive and employee share ownership plans.
appetite, and in compliance with policy risk parameters. Its specific mandate is to ensure that an appropriate enterprise
risk management framework is implemented throughout the Group, approve risk policies, and risk undertakings and
exposures reserved for Board decision. It continually monitors exposures relating to insurance, financial and operational
risks. Committee Members are foremost required to understand the enterprise's significant inherent risks and the policies
and controls used by Management to assess, manage and report these risks. The Committee regularly reviews the Group
risk profile and assesses Management's plans for ensuring financial stability and capital soundness.
are Terrence Martins (appointed Chairman on June 24, 2005 and a Member on January 9, 2004), William Lucie-Smith
(appointed a Member on October 26, 2005) and Stephen McNamara (appointed a Member on November 26, 2003). On
March 18, 2009, Andrew Aleong and John Shettle, Jr, were appointed as Committee Members.
subsidiary risk profiles and approved recommendations for significant business acquisitions.
and deposit receipts in a variety of financial and other assets expose the Group to various insurance, financial and
operational risks. Insurance risks include pricing, claims and lapse risks. Financial risks include credit, liquidity and interest
rate risks. Operational risks include fraud, damage to physical assets, improper business practices, improper employment