The Board of Directors has four standing committees, including the Audit Committee, the Risk Management Committee, the Nomination Committee, Governance, Ethic, Remuneration Committee and an ad hoc committee to prepare for becoming a joint-stock company.

The Audit Committee

The Audit Committee has a total of five members, including three independent members, chaired by Mr. James B. Dwyer Independent member of the Board, and Ms. Tuya. A Director of Internal Audit and Secretary of the Committee.

The committee meets monthly and gives recommendations to the Board of Directors and the Executive management team on necessary issues. It has the following functions:

• Monitor annual and monthly financial statements and financial indicators for compliance with International Financial Reporting Standards and other legal acts;
• Focus on the effectiveness of the bank’s internal control system, evaluate and provide guidance on the Risk management system and key risks;
• Provide guidance on the Risk management system, key risks and management of the risk;
• Monitor the implementation of an effective system for reporting bank violations, transactions with related parties and conflicts of interest and issue conclusions;
• Select, appoint, recall the Director of Audit and determine salaries and bonuses;
• Ensure internal audit independence, approve and manage budgets, monitor performance and discuss internal audit reports;
• Select, dismiss and evaluate the performance of the external auditing organization and submit the relevant proposals to the Board of Directors.

The Risk Management Committee

The Risk Management Committee has a total of five members, including three independent members, chaired by Mr. Alexander Picker Independent member of the Board, and Mrs. Solongo. Z Secretary of the Board and the Committee.

The committee meets monthly. It has the following functions:

• Discuss risk appetite policy, risk limit, risk management strategy, credit policy, credit committee rules, compliance policy, and policy documents of the governance code and submit proposals for approval to the Board of Directors, give assignment and oversee the Executive Management;
• Discuss and review the report of the Risk Management Committee of Executive Manager and the Risk Management Report;
• Approve the bank’s anti-money laundering and anti-terrorist financing policy, monitor its implementation, and review quarterly progress reports;
• Review the loan decisions of group of companies that are responsible for loans and similar assets in excess of a certain amount approved by the Executive Manager.

Nomination Committee

Nomination have a total of three members, chaired by  Mr. Alexander Picker  Independent member of the Board, and Mrs. Solongo. Z Secretary of the Board and the Committee.

The committee meets quarterly. It has the following functions:

• Monitor the Governance code and implementations of policies, and give recommendations to the Board of Directors on the selection, appointment, dismissal, development and approval of the Remuneration and Incentive System;
• Select, appoint, recall Members of the Board and determine the amount of salary and bonuses of them;
• Select, appoint, recall the CEO and Executive Manager and determine salaries and bonuses of them.
• Evaluate the performance of the CEO and Executive Manager;

The Governance, Ethics, Remuneration Committee

The Governance, Ethic, Remuneration and Nomination have a total of three members, chaired by Mr. James B. Dwyer Independent member of the Board and Mrs. Solongo.Z Secretary of the Board and the Committee.

The committee meets quarterly. It has the following functions:

• Monitor the Governance code and implementations of policies, and give recommendations to the Board of Directors on the selection, appointment, dismissal, development and approval of the Remuneration and Incentive System;
• Select, appoint, recall Members of the Board and determine the amount of salary and bonuses of them;
• Select, appoint, recall the CEO and Executive Manager and determine salaries and bonuses of them.
• Evaluate the performance of the CEO and Executive Manager;
• Review and discuss documents related to the implementation of human resources policy, regularly improve documents such as the bank’s sales and salary system of central units, their performance-based incentive system, selection procedures, concessional lending procedures, and employee benefits.