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The Executive Board is the most senior management body of the Group and is responsible for the Group’s day-to-day operational management under the leadership of the CEO.
The Executive Board currently consists of 12 members, appointed by the Board of Directors. The Executive Board has several standing committees, which are chaired by one or more Executive Board members and meet periodically throughout the year and/or as required. These committees are:
The Executive Board Risk Management Committee: The Executive Board Risk Management Committee is primarily responsible for steering and monitoring the development and execution of the Group’s risk strategy, approving risk appetite across all risk types for the Group and its divisions, as well as reviewing the aggregate and highest risk exposures, major risk concentrations and key non-financial risks. As such, it monitors the execution of the overall Climate Change Strategy, jointly with legal entity board of directors’ risk committees where relevant.
The Executive Board Risk Management Committee is co-chaired by the Group CEO, CRO and CCO.
ESG Disclosure and Reporting Steering Committee: Recognizing the ever-increasing need for ESG related disclosures, the ESG Disclosure and Reporting Steering Committee was established in the second half of 2021 to seek to ensure the appropriate levels of control and governance are in place for our diversity, climate and other sustainability disclosures. It is co-chaired by the Group CFO alongside our Chief Sustainability Officer.
Purpose, Values and Culture Council: In 2021 a new forum for the management and oversight of the embedding of the company’s culture was established. Key responsibilities of the Purpose, Values and Culture Council include leading the Group-wide culture strategy and design efforts, including a regular review of the Code of Conduct, and championing the implementation of the Group’s culture agenda in the divisions, regions and functions.
The Purpose, Values and Culture Council has representation from the Executive Board and has a diverse set of membership from all areas of the bank at a senior level.
Group Conduct Board: The Group Conduct Board (GCB) ensures robust oversight of conduct topics and disciplinary matters. It oversees how conduct matters are handled within the divisions and corporate functions and ensures consistency and the alignment of practices across the Group. The Group Conduct Board conducts reviews of employee sanctions and may perform subsequent evaluations for specific matters that have been escalated by the Conduct Boards established for the divisions, corporate functions and certain regions. The Group Conduct Board also oversees the activities of the conduct and ethics ombudsperson.
The CEO appoints a minimum of five members from the Executive Board and senior management to form the GCB. The Global Head of HR, GC, CCO, CFO and CRO are generally appointed as members and the Global Head of HR co-chairs the GCB together with one of the other Executive Board members on an annually rotating basis.
Further information on our management level sustainability committees are provided later in this chapter.