Asset Union Financing Group Incorporation is operated under Corporate Governance guidelines designed to maximize long-term shareholder value, and driven by the Board’s principal responsibility to act in good faith, ethics and within a set of values and standards that preserve the shareholders’ rights.
THE BOARD OF DIRECTORS
Asset Union Financing Group Incorporation is governed by a Board of Directors consisting of eight members elected by the General Assembly of shareholders for a term of 4 years.The Board of Directors consists of qualified members with appropriate skills, experience, competencies and personal qualities, including professionalism and personal integrity to operate effectively the business.
Board Structure and Qualifications
The Board of Directors comprises currently eight Directors distributed between executives and non-executives at the Corporation. Directors proceed in a way they consider, in good faith, would promote success to Asset Union Financing Group Incorporation for the benefit of the shareholders in compliance with the regulatory requirements and standards.
Directors owe a duty of loyalty and integrity to Asset Union Financing Group Incorporation; they act with due skill, care, and diligence in managing the business. Asset Union Financing Group Incorporation directors participate in all Board meetings and meetings of Committees on which they serve, and spend sufficient time to prepare for meetings. Asset Union Financing Group Incorporation directors will not put themselves in a position where their interest conflicts or may be perceived to conflict with those of the Corporation.
Organization and Functioning of the Board
The responsibility of the Board of Directors is to ensure strategic direction, management supervision and adequate control of the corporation. Asset Union Financing Group Incorporation Board of Directors is accountable for the following activities. Maintenance of periodical update for the organizational rules, by-laws, and other similar documents setting out the organization, rights, responsibilities and key activities.
Enforcing the implementation of laws, regulations and ethical standards based on the Central Bank and the Code of Money & Credit guidelines.
Ensuring that management maintains a system of internal control which provides assurance of effective and efficient operations, internal financial controls and compliance with rules and regulations.
Endorse the Charters for various Committees at the Corporation and monitoring and assessing their performance.Perform periodic self-assessment to determine whether the Corporation’s various Committees are operating effectively.
SELECTION AND ROLE OF THE CHAIRMAN
Asset Union Financing Group Incorporation Board appoints the Chairman and one or more Vice-Chairman from among its members for a maximum period of 4 years. The Chairman’s main responsibility is to lead and manage the work of the Board to ensure that it operates effectively, and performing fully its legal and regulatory responsibilities.
OVERSIGHT OF SENIOR MANAGEMENT
Asset Union Financing Group Incorporation Board monitors regularly the senior’s management actions and ensures consistency with the Corporation’s strategy, policies approved by the board, including the risk tolerance. It ensures regularly and continuously that: The Corporation’s organizational structure facilitates effective decision-making and good governance. The review of policies and controls, with the participation of the Senior Management and the Internal Control, functions in order to determine areas needing improvement.
Asset Union Financing Group Incorporation has established specific committees to increase efficiency and allow deeper focus in specific areas. Each committee has a charter that sets out its mandate, scope and working procedures. Committees maintain appropriate records of deliberations and decisions being support documents that will help in the assessment by the supervisor of the effectiveness of these committees. The following committees have been formed:
Anti-Money Laundering Special Committee
Risk Management Committee
Information Technology Special Committee