154. When re-assessing the individual or collective performance of the members of the management …

When re-assessing the individual or collective performance of the members of the management body, the members of the management body in its supervisory function or, where established, the nomination committee, should consider in particular:

• a. the efficiency of the management body’s working processes, including the efficiency of information flows and reporting lines to the management body taking into account the input from internal control functions and any follow-up or recommendations made by those functions;
• b. the effective and prudent management of the institution, including whether or not the management body acted in the best interest of the institution including in relation to the fight against money laundering and terrorist financing;
• c. the ability of the management body to focus on strategically important matters;
• d. the adequacy of the number of meetings held, the degree of attendance, the appropriateness of time committed and the intensity of directors’ involvement during the meetings;
• e. any changes to the composition of the management body and any weaknesses with regard to individual and collective suitability, taking into account the inst itution’s business model and risk strategy and changes thereto;
• f. any performance objectives set for the institution and the management body;
• g. the independence of mind of members of the management body, including the requirement that decision-making is not dominated by any one individual or small group of individuals, and the compliance of members of the management body with the conflict of interest policy;
• h. the degree to which the composition of the management body has met the objectives set in the institutio n’s diversity policy in line with Title V ; and
• i. any events that may have a material impact on the individual or collective suitability of the members of the management body, including changes to the institution’s business model, strategies and organisation;
• j. reasonable grounds to suspect that money laundering or terrorist financing is being or has been committed or attempted or other financial crimes, or there is an increased risk thereof, including following such adverse findings made by the internal or external auditors or competent authorities regarding the adequacy of the institution’s AML/CFT systems and controls .

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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