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Corporate Governance Policy Manual Contents Yoma Bank Corporate Governance Policy Manual Contents 7.1. General Provisions ............................................................................................................... 39 7.2. Identification and Management of Conflict .......................................................................... 39 7.3. Procedure ............................................................................................................................ 40 7.4. Confidentiality ..................................................................................................................... 40 7.5. Declaration of Interest ......................................................................................................... 40 7.6. Gifts ..................................................................................................................................... 40 7.7. Review of Policy ................................................................................................................... 40 8. Related Party Transaction Policy ................................................................................... 42 8.1. Introduction......................................................................................................................... 42 8.2. Definition ............................................................................................................................. 42 8.3. Review and Approval Procedures......................................................................................... 42 8.4. Review of Policy ................................................................................................................... 43 9. Advisory Committee ..................................................................................................... 44 9.1. Decision Making .................................................................................................................. 44 9.2. Composition of the Advisory Committee ............................................................................. 45 9.3. Advisory Committee Working Procedures............................................................................ 45 9.4. Indemnity and Insurance ..................................................................................................... 45 9.5. Advisory Audit Committee (AAC) ......................................................................................... 45 9.6. Composition of the AAC ....................................................................................................... 46 9.7. Working Procedure of the AAC ............................................................................................ 46 Annex A: Authority Matrix ........................................................................................................ 47 Annex B: Conflict of Interest Disclosure Form ............................................................................ 49 Annex C: Provision Summary Table............................................................................................ 50 Annex D: Sample Board Evaluation ............................................................................................ 52 Version 2, November 2016 2 Yoma Bank Corporate Governance Policy Manual Introduction Introduction The purpose of the Yoma Bank Corporate Governance Policy Manual (or “Manual”) is to summarize the key corporate governance policies and provisions (the “Policies”) of Yoma Bank (the “Bank”). Yoma Bank defines corporate governance as a set of structures and processes that provide strategic direction and oversight control of the Bank. It includes the relationships between the Bank’s shareholders, Board of Directors and executive bodies for the purpose of creating long-term shareholder value. The corporate governance framework of Yoma Bank is broadly based on the Organization for Economic Cooperation and Development (OECD) principles of: . Accountability. These Policies establish Yoma Bank’s accountability to shareholders and guide the Bank’s Board in setting strategy and guiding and monitoring Bank management. Fairness. Yoma Bank protects shareholder rights and ensures the equitable treatment of all shareholders, including minority shareholders. All shareholders are to be granted effective redress for violation of their rights through the Board. Transparency. Yoma Bank ensures that timely and accurate disclosure is made on all material matters regarding the Bank, including financial situation, performance, share ownership and governance, in a manner easily accessible to interested parties. Responsibility. Yoma Bank recognizes the rights of other stakeholders as established by laws and regulations, and encourages cooperation between the Bank and stakeholders in creating sustainable and financially sound enterprises. This Manual has been developed in adherence with: 1. The Banks and Financial Institutions Law of Myanmar Law of 2016 2. The Myanmar Companies Act of 1914; and 3. The Articles of Association of Yoma Bank. The Board of Directors of Yoma Bank will ensure these Policies are adhered to throughout the Bank. Further, the Board will review and update these Policies as needed. Any changes to these Policies must be approved by the Board of Directors. The provisions in this Manual will be applied as possible and practically allowed within the current legal constraints of Myanmar law and during the transition towards the new legal framework. By adopting these Policies, Yoma Bank confirms its ongoing commitment to strong corporate governance. Version 2, November 2016 3 Yoma Bank Corporate Governance Policy Manual 1. Board of Directors Policies 1. Board of Directors Policies 1.1. Board Roles and Director Duties 1. Board Roles and Responsibilities. The Board is elected by and accountable to, the shareholders of Yoma Bank. Except for decisions explicitly reserved for shareholders, the Board has full authority to carry out all activities necessary to provide effective strategic guidance and sound oversight. Its ultimate goal is to create long-term shareholder value while taking into account the interest of its stakeholders. Following are the primary roles and responsibilities of the Board: . Review, approve and monitor the Bank’s long-term strategic objectives and management business plans, including any performance indicators and targets to be used in relation to the strategy. Set the risk appetite for the Bank, including specific targets, caps, or indicators related to risk appetite. Monitor the overall performance of the Bank’s progress towards its strategic objectives and variance from its defined risk appetite. Establish a framework of effective controls which enables risks to be assessed and managed, including safeguarding of shareholder interests and Bank assets and the steps taken by management to monitor and control such risks. Oversee and approve the risk management framework and associated policies and procedures used by management to effectively manage risk. At the recommendation of the Chief Executive Officer, approve the appointment and dismissal of the Chief Audit Officer/ Internal Auditor. Provide input on the hiring and dismissal of the most senior risk officer in the Bank, including the Chief Credit Officer and/or Chief Risk Officer (once implemented). Oversee (i) the integrity of the financial statements, (ii) the compliance with legal and regulatory requirements, (iii) the performance, qualifications, and independence of the external auditor, and (iv) the performance of the internal audit function. Oversee and approve the human resource policies and framework of the Bank. Make decisions on major business matters and credit applications as per the defined Authority Matrix (Annex A) in this Manual. Appoint and, as necessary, dismiss the Chief Executive Officer of the Bank. Determine the remuneration and incentive schemes, including key performance indicators, for senior executives. Evaluate the overall performance of key senior executives and take corrective action as needed. Develop succession plans and developmental objectives for senior executive positions. Identify and recommend potential Board members for election by shareholders. Recommend the Board remuneration policy for shareholder approval. Version 2, November 2016 4 Yoma Bank Corporate Governance Policy Manual 1. Board of Directors Policies . Evaluate the overall performance and effectiveness of the Board and its members and take corrective actions as needed. Oversee the Bank’s corporate governance framework and ensure compliance with approved policies. Set the Bank’s values and standards and ensure that obligations to shareholders and other stakeholders are understood and met. Ensure stakeholder interests are considered and the Bank conducts its business in a socially responsible manner to the extent practical. Ensure that the Bank complies with the requirements of the law and rules, regulations, directives, and guidelines issued there under. 2. Board Authority. The Board has defined and shall maintain an Authority Matrix (Annex A) that clearly defines the authority of the Board, its committees and management. The Board shall ensure that the Authority Matrix is in-line with the authority granted in the Articles of Association and applicable laws and regulations. 3. Specific Responsibility of Supervision and Financial Reporting. The Board, in consultation with the Audit Committee, supervises compliance with written procedures for the preparation and
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