Composition

The Credit Approval Committee of the Board of Directors presently consists of three Non-Executive Directors. J Durairatnam is the Chairman with N K G K Nemmawatta, and Ms A L Thambiayah serving as members.

The Company Secretary functions as the Secretary of the Committee.

Mandate

The Committee carried out the tasks set out in the Terms of Reference approved by the Board. The primary purpose of the Committee is to review and where appropriate recommend or approve credit facilities which require approval above the delegated authority limit of the Management Credit Committee of the Bank.

Procedure

The Committee normally meets at least once a month and as and when required. The Committee invites the relevant officers to these meetings to clarify issues and for discussion relating to proposals that are submitted for review and also guides the Management in improving the credit policies, procedures and on process improvements for monitoring and recovery action.

Meetings

The Committee held twelve meetings during the financial year to carry out its task. The attendance by members is given on page 185 of the Annual Report. The proceedings of the Committee meetings have been regularly reported to the Board of Directors. Credit facilities recommended by the Committee were submitted to the monthly meeting of the Board for approval.

J Durairatnam
Chairman
Credit Approval Committee

19 February 2024