AfrAsia Bank Limited is a public company incorporated on12 January, 2007 and is regulated by the Bank of Mauritius.

Board of Directors
The powers of Directors are set out in the Constitution of the Bank. The Board is aware of its responsibility to ensure that the Bank adheres to all relevant legislations such as the Banking Act 2004 and the Companies Act 2001.

The Board of Directors of AfrAsia blends the experience of well-known Mauritian executives with high-calibre international financiers coming from South Africa, Singapore and Australia.

It has the overall responsibility of ensuring that adequate structures, policies and procedures are in place for risk management and that they are properly implemented. The Board approves the risk management policies and also sets limits by assessing its risk appetite, skills available for managing risk and the risk bearing capacity.

Board Committees
The powers and duties necessary for directing and supervising the management of the business and affairs of the Bank have been entrusted to the Board. The Board discharges the above responsibilities either directly or through Board sub-committees for more in-depth analysis and review of various issues. A report is then prepared by each sub-committee and presented after each meeting to the Board.

AfrAsia Bank is committed to best-in-class governance and four board committees have been constituted as follows:



Audit Committee
This committee reviews and evaluates the internal control system, compliance and risk framework of the Bank, with the support of the Internal and External Auditors. It also reviews the audited financial statements of the Bank and integrity of accounting policies and rules used, and recommend and approve corrective actions as required.

This Committee oversees audit and compliance issues.

Conduct Review Committee
This committee is a sub-committee within the Audit Committee which reviews the Bank's practice with regards to related party transactions, ensuring that the latter is in compliance with all reporting and/or approval procedures of the Bank of Mauritius. It also ensures that transactions which could materially affect the financial stability of the Bank are identified at source.

Corporate Governance Committee
This Committee approves the nomination and remuneration of the Directors and Senior Management of the Bank, reviews and advises on the general remuneration policy of the Bank, compliance with the Guidelines on Corporate Governance issued by the Bank of Mauritius and reviews the annual Corporate Social Responsibility Policies and related budgets.

This Committee therefore oversees Compensation, Human Resources and Corporate Social Responsibility issues.

Risk Committee
This Committee approves the Credit and Risk policies and updates which set out the credit granting processes and limits for each of the Bank's core business lines, reviews recommendations from the Management Credit and Risk Committee for credit facilities above its delegated limits and approves all operational risk issues of the Bank. It also monitors large and impaired credits as well as the overall level of provisioning, i.e. overseeing Credit and Risk exposures and approving amounts in excess of AfrAsia's management team delegated limits. The Credit Risk Committee is solely constituted of independent Directors to ensure that AfrAsia Bank operates independently from its shareholders. Moreover, the Committee governs the Bank's Assets and Liabilities Committee "ALCO" and involves setting the framework for its currency liquidity management, sources and amounts of funds necessary for prudent management of its currency operations, including the strategy for meeting its currency obligations.