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
