The Board of Directors has appointed five (5) Standing Committees as follows:
Audit Committee
The Audit Committee is responsible for overseeing the audit process, and for assisting the Board of Directors by providing an independent review and monitoring of the effectiveness of the financial operations, the financial reporting process, internal control and risk management systems of the Corporation.
Board/Management Credit Committee
The Board/Management Credit Committee is responsible for ensuring the effective and transparent delivery and administration of credit, with a constant view to the Mission, the image, and the financial sustainability of the Corporation.
Risk, Assets & Liabilities Management Committee
The RALCO serves to assist the Board in fulfilling its corporate governance and fiduciary oversight responsibilities by providing a structured, systematic oversight of DFC’s risk, assets, and liabilities management; propose the level of risk appetite of the Corporation; recommend actions to preserve and/or improve the capital base; review policies and other documents proposed by management that concern the Corporation’s financial and risk management practice; and ensure that the Corporation’s assets can meet its liabilities.
Grievance Redress Committee
The Grievance Redress Committee (GRC) aims to assist the Board in fulfilling its corporate governance and fiduciary oversight responsibilities in providing an effective resolution of justifiably, categorized complaints and grievances unresolved by the respective Focal Points/Senior Managers or lower levels within the hierarchy; oversee the monitoring of the follow-up communication process on the resolution for agreement and proper documentation; and ensure complainants are properly notified on other redress mechanisms such as court proceedings and arbitration.
Board of Management/Executive Committee
The Board of Management (BOM) is responsible to oversee the effective operations of the Corporation, particularly, activities which relate to the pursuit of DFC’s Mission, promoting the image and the financial sustainability of the Corporation, and the effective implementation of the Strategic Development Plan. It collaborates with Management, and advises the Board of Directors, on matters pertaining to the role and positioning of DFC, its objectives, services, structure and major business practices. On April 30, 2015, the Board amended the Terms of Reference (TOR) to empower the BOM to also serve as its Funding Negotiations committee, and to include the Chairs of all Standing Committees on its membership. On February 26, 2019, the Board further amended the TOR to further empower the BOM to function as an Executive Committee of the Board within the limits of explicitly delegated authorities, to improve board efficiency and enhance service delivery.