Page 23 - Annual Report 2017

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GOVERNANCE Role of the Board

The role of the Board is to lead the Regulatory Authority in line with
The Regulatory Authority operates under a governance frame- the QFC Law and its amendments, and other applicable legislation.
work designed to ensure transparency, integrity, independence, The Board sets the strategic direction for the Regulatory Authority;
accountability, and fairness. It is committed to demonstrating oversees the executive management’s discharge of the day-to-
best practice and leadership in this area. The Governance Reso- day business of the Regulatory Authority; sets policies to manage
lution of the Board of the Regulatory Authority sets out the policy risks to the Regulatory Authority’s operations and the achievement
of the Board on various governance matters, reflecting the inten- of its regulatory objectives; and seeks regular assurance that the
tion that the business of the Regulatory Authority is conducted in system of internal controls is effective in managing risks.
accordance with its regulatory objectives, applicable laws, and
principles of sound governance.

Governance chart

Council of Ministers

QFC Regulatory QFC Civil and
Tribunal Commercial Court

QFC Authority QFC Regulatory Authority

Board Board

Executive team Executive team

Policy and Enforcement Supervision and Corporate
Division Authorisation Division Services Division