ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Mortgage Refinance Companies) Regulations, 2019
12. Responsibilities of the board
Edition: 2022-12-31 · In force
12. Responsibilities of the board
(1)A board shall have the overall responsibility of the mortgage refinance company, including approving and overseeing the implementation of the mortgage refinance company's strategic objectives, risk strategy, corporate governance and corporate values.(2)The board shall have the following specific responsibilities—(a)providing oversight of senior management;(b)formulating a board charter that outlines, among other things—(i)the demarcation of the functions, responsibilities and powers of the board, various board committees and matters reserved for final decision-making or pre-approval by the board;(ii)the policies and practices of the board in respect of conflicts of interest and convening of board meetings;(iii)declaration of interests that may give rise to a potential or perceived conflict or interfere with exercise of objective judgment;(iv)the policy on directorships in other entities by board members;(c)constitute an organizational structure that facilitates effective decision making and good governance;(d)define the duties of management and appoint competent, qualified and experienced persons to administer the mortgage refinance company;(e)regularly review policies, processes and controls with senior management or internal control functions (including internal audit, risk management and compliance) to determine areas needing improvement and address significant risks and issues;(f)communicating the corporate values, professional standards or codes of conduct.(3)Board members shall be and remain qualified, including through training and Continuous Professional Development, for their positions and shall have a clear understanding of their role in corporate governance and be able to exercise sound and objective judgment about the affairs of the mortgage refinance company.