Committees of the Board

Remuneration Committee

The Remuneration Committee is responsible for the formulation of the Society's policy on remuneration in relation to the Executive Directors and senior staff. The objective of the committee is to ensure that key employees are provided with suitable incentives to enhance the performance of the Society, in a responsible manner.

Terms of Reference for the Remuneration Committee.

Risk / Nomination Committee

The Risk / Nomination Committee's primary purpose is to oversee the management and development of the Society's investment strategy, define the Society's risk appetite, agree policy and oversee the risk management process. The Committee is also responsible for reviewing the structure, size and composition (including the skills, knowledge and experience) of the Board, and making recommendations to the Board with regard to any changes. This includes new appointments and considering the re-election of Directors when appropriate.

Terms of Reference for the Risk / Nomination Committee.

Audit Committee

The Audit Committee oversees the various aspects of control, reviews the Society's financial statements, determines whether proper books and records have been maintained in accordance with the Friendly Societies Act and ensures that no restrictions are placed on the scope of the statutory audit or on the independence of the Internal Audit function.

Terms of Reference for the Audit Committee