CTRL 3.3.8 Category A firms—board committees to be established

(1) The board of directors of a category A firm must establish the following committees:
(a) nominations committee;
(b) remuneration committee;
(c) audit committee;
(d) risk committee.
(2) The chair of each committee must be an independent non-executive director.
(3) With the written consent of the Regulatory Authority, a category A firm:
(a) may combine the nomination committee and the remuneration committee; and
(b) may combine the audit committee and the risk committee.
(4) Each committee must have clear terms of reference setting out its role and objectives and the authority delegated to it by the board.
(5) Each committee:
(a) must report regularly to the board; and
(b) must circulate its minutes to all of the members of the board.

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)