Under the BMA Act, the functions of the Board of Directors are to manage the affairs and business of the BMA, and to determine the policy objectives and strategy of the Authority. The Board consists of eight non-executive directors appointed by the Minister of Finance from the various sectors of industry. In addition the Minister appoints the Chairman of the Board. The Chief Executive Officer is also a member of the Board and is appointed by the Minister on the recommendation of the Board. To enhance independence, Board members are appointed for terms ranging from three to five years. Board conflicts are strictly managed in accordance with the Act.
The Non-Executive Directors Committee is chaired by non-executive Chairman. This committee is responsible for:
- keeping under review the question whether the Authority is discharging its functions in accordance with the policy objectives and strategy determined by the Board
- keeping under review the question whether the Authority's internal financial controls secure the proper conduct of its financial affairs
- determining the remuneration and other terms of service of the Executive Directors of the Authority
Other Board committees are responsible for policy and strategic matters for the Authority covering audit and risk management; corporate governance and ethics issues; human capital policies and programmes; investment policy and management of the Authority’s investment portfolio; and legislative and policy development.
Regulatory responsibilities and operational functions of the Authority are executed by its Executive management team under the direction of the Chief Executive Officer.
The Corporate Governance and Ethics Committee of the Board continually reviews the Authority's corporate governance framework to ensure that it reflects best practice internationally. The Authority has always sought to ensure that it operates with the highest standards of integrity. In that regard, it has established an Ethics Framework that sets policies and requirements, as well as conduct codes, for Board members and employees concerning ethical conduct.
All Board members and Authority staff are expected to comply with the policies and procedures set under the Ethics Framework, and to comply with the following codes of conduct:
