The Audit Committee shall comprise only independent directors. It performs an oversight responsibility for the system of risk management and internal control systems, the financial reporting process, the audit process, and compliance with applicable laws, regulations and the Bank’s Code of Conduct.

The external auditor and Internal Audit Department Head may be invited to attend all meetings, but in separate meetings session.  However, there shall be at least one meeting session with external auditor without the presence of management. Other executives may be invited to attend Audit Committee meetings. At least six Audit Committee meetings shall be held each year.

Ultimate responsibility for the approval of the annual, semi-annual and quarterly financial statements rests with the Board.