Board Composition and Committee
Board Credit Committee:
The Committee acts on behalf of the Board on credit matters and reports to the Board for approval/ratification.
Board Finance and General Purpose Committee:
The Committee acts on behalf of the Board on all matters relating to financial management and reports to the Board for alpproval/ratification.
Board Establishment Committee:
The Committee acts on behalf of the Board on all matters relating to the workforce.
Board Risk Management Committee:
The Committee is responsible for evaluating and handling issues relating to risk management in the Bank.
The Committee acts on behalf of the Board on all audit matters. Decisions and actions of the Committee are presented to the Board for approval/ratification.
Sterling Bank PLC has a Succession Planning Policy which was approved by the Board of Directors in 2009. Succession Planning is aligned to the Bank’s overall organizational development strategy. In line with this policy, a new unit was set up in the Human Resources & Performance Management Group to implement, among others, a Succession Plan for the Bank.
The policy identifies 298 critical positions in respect of which there is a formal succession plan. Successors were nominated based on experience, skills and competencies through an automated process by current role holders in conjunction with the Human Resources & Performance Management Group. Development initiatives have also been put in place to accelerate successors’ readiness.
Code of Ethics
Sterling Bank has a Code of Ethics that specifies acceptable behavior of its staff in the staff handbook. It is a requirement that all staff should sign a confirmation that they have read and understood the document upon employment.
The Bank also has a Sanctions Manual which provides sample offences/violation and prescribes measures to be adopted in various cases. The Head of Human Resources & Performance Management is responsible for the implementation and compliance of the “Code of Ethics”.
Whistle Blowing Process
The Bank is committed to the highest standards of openness, probity and accountability hence the need for an effective and efficient whistle blowing process as a key element of good corporate governance and risk management.
Whistle blowing process is a mechanism by which suspected breaches of the bank’s internal policies, processes, procedures and unethical activities by any stakeholder (staff, customers, suppliers and applicants) are reported for necessary actions.
It ensures a sound, clean an dhigh degree of integrity and transparency in order to achieve efficiency and effectiveness in our operations.
The reputation of the bank is of utmost importance and every staff of the bank has a responsibility to protect the bank from any persons or act that might jeopardize its reputation. Staff are encouraged to speak up when faced with information that would help protect the bank’s reputation.
An essential attribute of the process is the guarantee of confidentiality and protection of the whistle blower’s identity and rights. It should be noted that the ultimate aim of this policy is to ensure efficient service to the customer, good corporate image and business continuity in an atmosphere compliant to best industry practice.
The Bank has a Whistle blowing channel via the bank’s website, dedicated telephone hotlines an de-mail address in compliance with Section 184.108.40.206 of the Central Bank of Nigeria (CBN) Code of Corporate Governance for Banks in Nigeria Post Consolidation.
The Bank’s Chief Compliance Officer is responsible for monitoring and reporting on whistle blowing.