The Board must have the collective experience, knowledge and skills to understand all the areas of the Licensee’s activities including the main risks and the management thereof; set the strategy and provide effective leadership, direction and oversight; and facilitate independent opinions and constructive challenge in the decision-making process.
8.2
Diversity of skills and knowledge must be taken into account when selecting Authorized Individuals. Diversity of the Board must be considered in relation to skills, knowledge, qualifications, professional background, age and gender.
8.3
The Fit and Proper Process must therefore be supported by a comprehensive suitability assessment, where applicable, to ensure that the appointment of Authorized Individuals supports a broader objective of ensuring that the Board meets the requirement of Collective Suitability.
8.4
In the event that the results of the assessment reveal a deficiency in the Collective Suitability of the Board, the Licensee must submit to the Central Bank an action plan for achieving Collective Suitability. The Central Bank may consider this action plan in assessing any applications for approval of Applicants for appointment or reappointment to the Board.