Corporate Governance
Corporate Governance refers to the principles and processes which direct the relationship between the bank’s board of directors, management, shareholders, and other stakeholders including employees.
GBTI is committed to maintaining high standards of corporate governance to ensure accountability, transparency, and sustainability in all our operations. Our governance framework is designed to enhance long-term shareholder value, safeguard customer trust, and comply with regulatory requirements, while fostering responsible business practices that serve the interests of all stakeholders.
GBTI’s corporate governance framework is built around a well-defined separation of roles and responsibilities among the board of directors, executive management, and other stakeholders to ensure an effective balance of power and accountability. The Board provides strategic guidance, oversight, and support to the executive team, which is responsible for the day-to-day management of the bank’s operations.
The Board of Directors
The board of directors is committed to upholding high standards of independence, integrity, and expertise. Critical aspects of governance include but are not limited to the board of directors acting in the best interests of all stakeholders by ensuring transparent and systematic decision making, robust internal controls and an effective risk management framework to mitigate against adverse risks thereby ensuring long term sustainability of GBTI’s operations.
The board of directors is comprised of ten (10) directors comprising nine (9) non-executive directors and one (1) executive director. It is a diverse group of individuals with a range of skills and experience in law, banking, communications, finance, insurance, auditing, and management. They provide strategic direction, oversight, and accountability on all aspects of the bank’s management. The Board delegates management to the Chief Executive Officer (CEO) and executive management. The management team led by the CEO implements the strategy and manages the bank at an operational level.
Risk Management and Compliance
Effective risk management and compliance are fundamental to GBTI’s corporate governance . The bank maintains a comprehensive risk management framework to identify, assess, and mitigate risks across credit, operational, market, and other areas. The Board and executive team work closely with the Risk and Compliance departments to ensure the bank meets both regulatory requirements and high internal standards for ethical conduct and risk control.
Stakeholder Engagement
Board Committees
Enhancing the work of the Board are the Committees established to provide efficacy to the work of both management and the Board. There are six (6) committees of the Board which are described below:-
Audit, Risk and Compliance Committee (ARC)
This Committee comprises seven (7) Directors which includes six (6) Non-Executive and One (1) Executive Directors. The ARC Committee meets on a quarterly basis to fulfill its role as an oversight and governance committee. It considers the financial affairs including financial reporting processes, the internal controls, the risk management framework, and legal and regulatory compliance. It also provides an independent channel for the work of the Internal Audit department and the Compliance department.
Building and Premises
Committee
This Committee comprises four (4) Directors which includes three (3) Non-Executive and One (1) Executive Directors.
The Committee monitors and advises on construction and maintenance projects undertaken by the bank. It meets on a bi-annual basis.
The Credit and Investment
Committee
This Committee comprises five (5) Directors which includes four (4) Non-Executive and One (1) Executive Directors. The Committee meets bi-annually to consider all matters concerning employee remuneration, promotion benefits and other rewards. The Committee approves key executive appointments and remuneration, reviews the performance of the Chief Executive Officer and executive management and considers succession planning.
The Human Resources and Compensation Committee
This Committee comprises six (6) Directors which includes five (5) Non-Executive and One (1) Executive Directors. The Committee meets bi-annually to consider all matters concerning employee remuneration, promotion benefits and other rewards. The Committee approves key executive appointments and remuneration, reviews the performance of the Chief Executive Officer and executive management and considers succession planning.
Marketing Committee
This Committee comprises seven (7) Directors which includes six (6) Non-Executive and One (1) Executive Directors. The Committee meets quarterly or as needed to determine the bank’s overall strategic direction, risks, and progress in the areas of marketing, branding, and e-commerce. It advises on market share growth through marketing, promotional activities, and brand initiatives.
IT Steering Committee
This Committee comprises three (3) Directors which includes two (2) Non-Executive and One (1) Executive Directors. The IT Steering Committee (ITSC) will oversee and provide the direction needed to improve the state and operations of the IT department by influencing sustainable change at GBTI. The Committee brings together stakeholders from across the organization to identify, recommend, and monitor initiatives in order to improve the people, process and operations based on current/identified challenges in the GBTI environment.
Strategy
The Board reviews and approves the bank’s Strategic Plan and within the context of this plan, approves annual budgets, which include all capital and current expenditure, proposed developments in information technology and the provision of new products to customers.
The Board meets once per month and deliberates on matters concerning the strategic direction of the bank and seeks to arrive at consensus before approving implementation.
Related Party Transactions and Conflicts of Interest
Cognisant of its obligations under the FIA, the bank has adopted a Related Party Transactions Policy which is consistent with the obligations contained in the legislation and the Bank of Guyana Supervision Guideline No.8. Moreover, the Directors recuse themselves from consideration or approval of matters which constitute related party transactions. An annual report of related party transactions is laid before the Board for its consideration. Pursuant to the obligations (statutory and policy) relating to Conflicts of Interest the directors are required to disclose any conflict or potential conflict of interest in any matter under consideration by the Board and management.
Accountability and Continuous Improvement
The Board and management are committed to continuously improving GBTI’s governance practices. Governance policies are reviewed and updated to align with evolving regulations, stakeholder expectations, and best practices in the financial services industry. The Board and management are dedicated to ensuring that GBTI remains a trusted, resilient, and responsible financial institution.
This Corporate Governance Statement reflects GBTI’s unwavering commitment to integrity, transparency, and long-term value creation for all its stakeholders.