The Board of Directors of Skye Bank is comprised of 17 seasoned professionals, technocrats, administrators and entrepreneurs.
Working in consultation with the Bankâ€™s Management Team, the Board sets the Bankâ€™s annual and long-term strategic and financial goals. The Board also reviews and approves the corporate strategies for the Bank and has overall responsibility for risk management, financial reporting and corporate governance issues.
The members of the Board of Directors belong to various Committees which assist the Board in discharging their oversight functions. The Board through its Committees assesses and monitors Managementâ€™s performance against pre-set corporate objectives and provides oversight for the overall management of the Bankâ€™s business. The Board ensures that the core values of the Bank are upheld.
Appointments & Resignations
During the course of the year Mr. Segun Oloketuyi resigned his appointment from the Board of Directors of the Bank to pursue other opportunities. During the same period, Mr. Timothy Oguntayo was appointed as an Executive Director of the Bank.
The Bank has a policy of continuous training for Directors. During the year, the Board and Management held 2 Strategy sessions. The sessions which were facilitated by renowned industry technocrats, reviewed and re-calibrated the Bankâ€™s corporate and business strategy given the dynamism in the economy. It also reviewed the Bankâ€™s brand strategy, framework for corporate governance, career development & succession planning, amongst many others.
During the period, Directors attended formal trainings to hone their skills, including the 27th Cambridge International Symposium on Economic Crime, Cambridge and the seminar on â€˜Emerging Issues of Leadership & Corporate Governance in the Financial Sectorâ€™ jointly organized by the Central Bank of Nigeria and the Financial Institutions Training Center (FITC). In addition to these, the Board received target presentations and Consultations on various aspects of its duties including sessions on Risk Management framework delivered by Messrs. Dunn & Bradstreet and industry analysis on various sectors of the industry to enrich its credit evaluations in those sectors. The Board through its Credit Committee also undertook facility tour of some projects and received valuable knowledge and information on such projects as a way of receiving hands on training on critical aspects of those industries.
The Board of Directors belong to and actively participate in professional associations such as Institute of Directors (IOD), Bank Directors Association of Nigeria (BDAN), Chartered Institute of Bankers of Nigeria, the Institute of Credit Administration, Chartered Institute of Taxation of Nigeria, Association of Certified Chartered Accountants (ACCA), United Kingdom, Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Stockbrokers of Nigeria, Nigerian Institute of Management, Risk Management Association of Nigeria and Institute of Internal Auditors of Nigeria.
Several of the Board members are alumnus of European Institute of Business Administration (INSEAD), Fontainebleau, France, Harvard Business School, Pan-African University, University of Cambridge and other prestigious institutions of learning.
Mrs. Morenikeji Onasanya, the Vice Chairman is the immediate past President of the Bank Directorsâ€™ Association of Nigeria, while Mr. Michael Tarfa is its incumbent Treasurer. Several of the Directors are Fellows in the various professional associations to which they belong.
Board of Directors Meetings
During the 2009 financial year, the Board of Directors held 7 meetings. At the Board Meetings, the members were provided with comprehensive updates on the implementation of the Bankâ€™s strategy, financial performance, business, internal controls and operations. Accounting and regulatory changes relevant to the Bankâ€™s operations as well as market trends and developments were also discussed during the meetings.
In addition to receiving the report of the Board Committees and other information at the Board meetings, the Board members have the opportunity to interact with senior management as well as intermediate staff members and are free to seek professional assistance from external Consultants and Advisers. Indeed, the Board and its Committees received input from many of such Consultants and Advisers on various aspects of the Bankâ€™s operations during the period under review.
Board of Directorsâ€™ & Committee Meetings Attendance
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