Strategy Setting

Strategy Setting

Strategy Setting

The Board of Directors is responsible for determining the Bank's strategic direction. The Board of Directors and the management team regularly discuss and refine the Bank's strategy and objectives. In order to deliver against these objectives, management has developed a detailed set of strategic plans that operate across the Bank's businesses. The Directors set the strategic direction of the Bank (with due consideration given to risk tolerance, shareholder expectations, business development opportunities and other macroeconomic factors), which senior management then uses to design the Bank's annual strategic plan and prepare the annual budget for Board approval. Thereafter, senior management provides regular updates to the Board of Directors to monitor progress against budget and strategy and permit any necessary modifications or adjustments in strategic direction.