Under the direction and oversight of the board, senior management should carry out and manage the bank's activities in a manner consistent with the business strategy, risk appetite, remuneration and other policies approved by the board.

87. Senior management consists of a core group of individuals responsible and accountable to the board for the sound and prudent day-to-day management of the bank.

88. The organisation and procedures and decision-making of senior management should be clear and transparent and designed to promote effective management of the bank. This includes clarity on the role, authority and responsibility of the various positions within senior management, including that of the CEO.

89. Members of senior management should have the necessary experience, competencies and integrity to manage the businesses and people under their supervision. They should receive access to regular training to maintain and enhance their competencies and stay up to date on developments relevant to their areas of responsibility.

90. Members of senior management should be selected through an appropriate promotion or recruitment process which takes into account the qualifications required for the position in question. For those senior management positions for which the board of directors is required to review or select candidates through an interview process, senior management should provide sufficient information to the board.