11.1 The role of the non-executive directors, under the Chairman's leadership is, inter-alia:

• To ensure that there is an effective executive team in place;

• To participate actively in constructively challenging and developing strategies proposed by the executive team;

• To participate actively in the board's decision-making process;

• To participate actively in board committees (where established); and

• To exercise appropriate oversight over execution by the executive team of the agreed strategies, goals and objectives and to monitor reporting of performance

11.2 The role of executive directors, led by the CEO, is to propose strategies to the board and, following challenging board scrutiny, to execute the agreed strategies to the highest possible standards.

11.3 The non-executive and executive directors shall have a knowledge and understanding of the business, risks and material activities of the credit institution to enable them to contribute effectively.

11.4 The non-executive and executive directors shall comprise individuals with relevant skills, experience and knowledge (such as accounting, auditing and risk management knowledge, where appropriate) who shall provide an independent challenge to the executive directors of the board.