Malaysia legislation

Section 21

Section 21

(a)

the Board Governance Committee;

(b)

the Board Audit Committee; and

(c)

the Board Risk Committee.

(2)

Each Board Committee shall be responsible for such matters and shall have such functions as provided under this Act.

(3)

The Board Governance Committee shall have the following functions:

(a)

to recommend members of the Monetary Policy

Committee, Assessor Committee and other committees of the Bank as may be appointed or established by the Bank from time to time;

(b)

to examine and recommend to the Board the budget and operating plan of the Bank for approval; and

(c)

to be responsible for such other matters as provided under this Act.

(4)

The functions of the Board Audit Committee shall be to assist the Board in its oversight of—

(a)

the integrity of the accounts and financial statements of the

Bank;

32 Laws of Malaysia ACT 701

(b)

the effectiveness of the internal control system of the

Bank;

(c)

the performance of the internal audit function of the Bank;

and

(d)

the compliance by the Bank with legal and regulatory requirements.

(5)

The functions of the Board Risk Committee shall be to assist the

Board in its oversight of the review and management of the enterprise risks of the Bank.

(6)

Each Board Committee shall consist of at least three directors appointed under subsection 16(1).

(7)

Unless the Board determines otherwise, the procedures of each

Board Committee shall be as set out in the First Schedule.