The overall management of the bank and its governance procedures are carried out by the Board of Directors. There is a range of matters reserved for the Board. At a high level, these include:
- Determining AIB UK’s strategic objectives and policies;
- Appointing the Chairman, CEO and Senior management, and addressing succession planning;
- Monitoring progress towards achievement of AIB UK’s strategic objectives and compliance with its policies;
- Approving annual operating and capital budgets, major acquisitions and disposals, risk management policies and limits; and
- Monitoring and reviewing financial performance, risk management activities and controls.
The Board of Directors meets a minimum of six months a year to review the performance of the business and oversee the implementation of the AIB UK strategy, with update calls on the Monthly Management Information occurring in the months where no Board Meeting is scheduled. Additional out-of course meetings or briefings are held on specific issues when required.
The Board is assisted in the discharge of its duties by a number of Board Committees, whose purpose it is to consider, in greater depth than would be practicable at Board meetings, matters for which the Board retains responsibility. The Board Committees report back to the Board with summaries and recommendations. The composition of such Committees is reviewed annually by the Board.
Our Board of Directors monitors and assesses the effectiveness of our governance arrangements and has the power to address any shortcomings.