Audit and Risk Committee
The Audit and Risk Committee (ARC) is made up of at least two independent non-executive Board members, at least one of whom should have recent and relevant financial experience.
The functions of the ARC are to assist the Board in satisfying itself on certain specific matters including:
- The quality of the financial management of the QFC Regulatory Authority and the adequacy of its systems of internal controls;
- The identification and management of the significant risks to the QFC Regulatory Authority’s objectives and outcomes;
- The internal and external audit functions; and
- The implications of any legal action against the QFC Regulatory Authority, the adequacy of the Regulatory Authority’s internal whistle-blowing arrangements and to carry out its functions under the whistle-blowing policy, the operation of the codes of conduct for Board members and employees including in relation to dealings and conflicts of interest, and certain expense claims.
Nominations and Remuneration Committee
The Nominations and Remuneration Committee (NRC) is comprised of at least two non-executive Board members.
The function of the NRC is to consider and make recommendations regarding:
- Prospective Board appointees and Board succession planning;
- Board members’ remuneration and benefits and other terms of appointment; and
- Broad policy on all aspects of executive remuneration.