The role of Board committees has significantly evolved during
past years as a direct consequence of ever-increasing regulation,
lessons learned, and the wide array of complex risks faced by the
financial services industry. Independently of committees which may
be necessitated by sector-specific regulations, such audit and
remuneration committees, Boards may need additional support to deal
with their broadening and challenging responsibilities. Without in
any manner implying that the Board can shed any of its
responsibilities, a committee helps to manage a Board's
workload by freeing up its time allowing it to focus on the more
critical and strategic issues.
The use of committees is primarily prevalent in the case of
entities of a certain size as well as entities offering an array of
products or services, including particularly sophisticated ones.
"Traditional committees" such as those dealing with
audit, risk, compliance, remuneration and nomination
