13.1 The board of each credit institution is responsible for the effective, prudent and ethical oversight of the credit institution. The board is responsible for, among other things, setting and overseeing:

a) the business strategy for the credit institution;

b) the amounts, types and distribution of both internal capital and own funds adequate to cover the risks of the credit institution;

c) the strategy for the on-going management of material risks including, inter-alia, liquidity risk;

d) a robust and transparent organisational structure with effective communication and reporting channels;

e) a remuneration framework that is in line with the risk strategies of the credit institution; and

f) an adequate and effective internal control framework, that includes well-functioning risk management, compliance and internal audit functions as well as an appropriate financial reporting and accounting framework.

13.2 The role and responsibilities of the board shall be clearly documented.

13.3 The board shall have:

• The necessary knowledge, skills, experience, expertise, competencies, professionalism, fitness, probity and integrity to carry out their duties;