Member of Board of Supervisors (Audit Committee)

About Ministry of Finance:

Ministry of Finance is the major shareholder of the state-owned banks (Bank-e-Millie Afghan, New Kabul Bank and Pashtany Bank) in Afghanistan. The State Banks Ownership Unit is responsible to coordinate the appointment process for the boards of supervisors of the State Banks.

The SBs Ownership Unit has identified the need for appointment of one member for the supervisory board (audit committee) New Kabul bank. Pashtany and Bank Millie, To do so, the Ownership Unit intend to procure the services of qualified and experienced candidates, who are graduates in relevant academic fields and have significant banking-related experience or significant experience in related fields, such as in financial, insurance and commercial operations, accounting, audit and compliance, or who have demonstrated expertise and experience with regard to leadership, marketing, customer-oriented management and the application of Information and Communications Technology (ICT).

Job Summary:

The Board of Supervisors should play a central and strategic role in the oversight of the State Banks. The board member should exercise objective independent judgment on corporate affairs. The duties and responsibilities of the Board of Supervisors are exhaustively enumerated under Article 50 of the Banking law 2015 and under Rule 2.3.4 of the Corporate Governance Regulations of 2016 of the Da Afghanistan Bank. However, some duties and responsibilities may vary in the state-owned banks as per the ToR of the committees.

Authority:

The Board of Supervisor is responsible for providing the strategic direction and internal control of all activities of BNKs.

Main Purpose:

The mission of the BoS is to provide the BNKs with the strategic direction, oversight of strategy execution, and internal control of all activities in a manner where they act in the best interests of BNKs as a whole.

Supporting Purposes:

The Board of Supervisor (BoS) is accountable for the development and approval of strategic plan.

Delegate the strategic plan to the BoM for implementation.

Monitor implementation of strategic plan and provide necessary support to BoM

Get periodic feedback of strategic plan implementation.

Report to BNKs stakeholder annually.

Key Roles and Responsibilities of BoS

Review and approve BNKs organizational structure annually.

Develop, maintain and revise the Strategic Plan at least annually.

Identify initiatives to implement the strategy and set priorities.

Monitor the implementation of the strategy.

Revise and approve BNKs policies and procedures.

Overview BNKs financial performance.

Overview BNKs activities to ensure adequate internal controls are in place.

Overview BNKs operations to ensure risk management, audit and compliance functions are properly used.

Prevent conflict of interest.

Supervise Implementation of DAB instructions. 

Submit annual report of BNKs to the shareholder at the annual meeting.

Submit resolutions and recommendations requiring approval of the shareholders.

The candidate should also have at least five years of managerial experience in IT-related fields (Only in case the board member is responsible for the IT affairs of the Bank).

BoS relationships with other committees:

Board of Supervisor (BoS) is accountable for the work of its other committees (compliance, audit, and risk committees) and assigns, oversees, and monitors their works.

Board of Supervisor   approves the Terms of Reference of its committees.

Board of Supervisor (BoS) receives input from Committees on issues/recommendations that need to be addressed or approved

Meetings of Board of Supervisors (BoS):

BoS shall meet regularly at least once in a month or as deemed necessary.

For the regular meeting the agenda and meeting materials shall be sent to the members 7 days prior to the meeting.

Emergency meeting can be called at any time without sending the materials.

All the meetings of BoS shall be held in head office of BNKs or such other place deemed proper.

BoS may hold its meeting online or in person as per DAB regulations and circulars.

Board of Supervisor (BoS) Structure:

Board of Supervisor (BoS) of BNKs consist of five members, from the mentioned members one of them will be selected as Chair person who lead the board.

Quorum and resolution:

A quorum for any meeting shall be two-third of the board members.

Each members of BoS has the right to cast only one vote.

The resolution shall be decided on the simple majority of the votes.

In the event of tie, the chair person shall cast the deciding vote

Removal of Board of Supervisor members

Board of Supervisor members can be terminated only by Shareholders or DAB

Job Requirement:

The following are the minimum requirements for members of the Board of Supervisors of State Banks.

1. Masters’ degree in a relevant field

2. CFA, ACCA, CIA or other relevant certifications

3. Minimum of 5 years of experience related to commercial banking, law, accounting, corporate finance or business management. At least 5 year of which should be in internal audit departments of the banks / financial institutions

4. be willing and able to exercise independent judgment and provide credible challenge to management’s decisions and recommendations.

5. Accept fiduciary duties and obligations noted in these Terms of Reference and demonstrate a firm commitment to put the bank’s interests ahead of personal interests and to avoid conflicts of interest.

6. Make a firm commitment to regularly attend and be prepared for board and committee meetings.

7. Excellent analytical, creativity and problem-solving skills.

8. Ability to provide constructive feedback.

Good candidates for the Board of Supervisors will also:

9. Have solid knowledge of the banking industry, financial regulatory system, and Afghan laws and regulations that govern a bank’s operation.

10. Have background, knowledge, and experience in business or another discipline to facilitate bank oversight.

11. Have knowledge of the communities and markets that the bank serves.

Have experience with financial statement analysis, internal controls, and annual audits.

Submission Guideline:

Qualified applicants are encouraged to submit their CV with a detailed application letter and a contact details, no later than (20-Sep-2023).                         

Please clearly indicate “position name and vacancy number in the subject line.

Please do not attached your education and working experience documents.

Email: hr-nta.vacancies@mof.gov.af