Corporate Governance
The Board of Directors at Central Securities Clearing System Plc are committed to maintaining high corporate governance standards and regulatory compliance. Their objectives include enhancing shareholder value and protecting company assets.
In 2023, the company updated its Memorandum and Articles of Association to align with statutory regulations and global best practices.
The Board Charter outlines the governance framework, covering governance, board composition, succession planning, audit and compliance, risk management, sustainability, stakeholder engagement, delegation to management, code of conduct, and committees’ terms of reference. The Board operates through four committees. These committees have specific roles to ensure effective management:
Audit and Risk Management Committee (ARMC):
The ARMC is responsible for supervising the Company’s risk management policy, risk appetite, and strategy as well as evaluating the effectiveness of the Company’s risk management and control measures.
Corporate Governance, Nominations & Remuneration Committee (CGN&RC):
The CGN&RC sets membership standards for the board and its committees, assesses candidates’ qualifications and potential conflicts of interest, reviews current directors’ contributions for possible renomination, and offers recommendations to the Board.
Finance and Stakeholders Relationship Committee (F&SRC):
The board relies on this Committee to assess possible collaborations with similar organizations and to assess the Company’s financial performance, as well as to provide recommendations on dividends to shareholders.
Technical Committee:
The Board Technical Committee is responsible for steering the Company’s technological advancements and acquisitions, as well as overseeing the decision-making process that accompanies these advancements.
Additional information on corporate governance can be found in the Annual Reports.
Corporate Governance Report
The Board of Directors (“the Board”) of CSCS is committed to ensuring the continued observance of the highest standards of corporate governance practices across the company’s business and overseeing the company’s compliance with all regulatory corporate governance standards and global best practices.
Recognizing the link between maintaining high standards of corporate governance and meeting the strategic needs necessary for the success of an organization, the Board continues to provide direction to Management on the adoption of governance practices and processes that facilitate the achievement of the Company’s short and long-term strategic objectives.
In 2022, the Company continued to enhance its internal processes and practices, implementing the learnings gleaned from the approved Charter of the Board of the company, Board trainings, and the Terms of Reference of the various Committees of the Board of the Company.
