7.1 The board of a credit institution shall be of sufficient size and expertise to oversee adequately the operations of the credit institution and shall have a minimum of five directors.

7.2 The majority of the board shall be independent non-executive directors (this may include the Chairman). However in the case of credit institutions that are subsidiaries of groups the majority of the board may also be composed of group directors or a combination of group directors and independent non-executive directors, provided that in all cases the subsidiary credit institution shall have at least two independent non-executive directors or such greater number as is required by the Central Bank. Group directors shall act critically and independently so as to exercise objective and independent judgement.

7.3 The board shall satisfy itself as to a director's independence prior to his or her appointment and shall document how it has satisfied itself in this regard.

7.4 Board members shall attend each board meeting unless they are unable to attend due to circumstances beyond their control (for example, due to illness) and their attendance and eligibility to vote at each meeting shall be evidenced in the minutes of each meeting.