8.1 There shall be a Chairman appointed to the board of every credit institution.

8.2 The Chairman shall lead the board, encourage critical discussions and challenge mindsets. In addition, the Chairman shall promote effective communication between executive and non-executive directors.

8.3 The Chairman shall have relevant financial services expertise, qualifications and background or be required to undertake relevant and timely comprehensive training. The relevant financial services background or training shall ensure that the Chairman has the necessary knowledge, skills and experience and/or training required to comprehend each of the following:

• The nature of the credit institution's business, activities and related risks;

• His or her individual direct and indirect responsibilities and the board's responsibilities; and

• The credit institution's financial statements.

8.4 The Chairman shall have the necessary personal qualities, professionalism and integrity to carry out his or her obligations.

8.5 The Chairman shall attend and chair board meetings.

8.6 The roles of Chairman and Chief Executive Officer shall be separate.