The principles approved by the board of directors of the Company in the Corporate Governance Guidelines, along with the charters of the board committees, provide the foundation for the governance of the Company and the Bank. These guidelines specify the general structure, functions, and operations of the board. The guidelines ensure a diversified board that meets all applicable “independence” standards and a non-management Chair of the Executive Committee who chairs the executive sessions of the board. Each year the board will review and approve the Company’s business plan, long-term strategic plan, and financial goals in accordance with the guidelines. The guidelines also provide for an annual evaluation of the effectiveness of the board and its committees.
The board recognizes the importance of corporate governance and will review the guidelines periodically to ensure the board’s commitment to sound corporate governance policies and practices.
