Central Bank of Malaysia Act 2009 · Updated to 1 Nov 2020 · Part IV · Governance of the Bank
21. Board committees
Feedback & supportThe Board shall establish the following committees of the
Board:
the Board Governance Committee;
the Board Audit Committee; and
the Board Risk Committee.
Each Board Committee shall be responsible for such matters and shall have such functions as provided under this Act.
The Board Governance Committee shall have the following functions:
Board Governance Committee
“Board Governance Committee” means the Board Governance Committee established under paragraph 21(1)(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;
to examine and recommend to the Board the budget and operating plan of the Bank for approval; and
to be responsible for such other matters as provided under this Act.
The functions of the Board Audit Committee shall be to assist the Board in its oversight of—
Board Audit Committee
“Board Audit Committee” means the Board Audit Committee established under paragraph 21(1)(b);
the integrity of the accounts and financial statements of the
Bank;
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the effectiveness of the internal control system of the
Bank;
the performance of the internal audit function of the Bank;
and
the compliance by the Bank with legal and regulatory requirements.
The functions of the Board Risk Committee shall be to assist the
Board Risk Committee
“Board Risk Committee” means the Board Risk Committee established under paragraph 21(1)(c);
Board in its oversight of the review and management of the enterprise risks of the Bank.
Bank
“Bank” means Bank Negara Malaysia or in English, the “Central Bank of Malaysia”;
Each Board Committee shall consist of at least three directors appointed under subsection 16(1).
Unless the Board determines otherwise, the procedures of each
Board Committee shall be as set out in the First Schedule.