Under the Bermuda Monetary Act 1969 (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 one executive director and 11 non-executive directors appointed by the Minister of Finance from the various sectors of industry. To enhance independence, Board members are normally appointed for terms ranging from three to five years. Board conflicts are strictly managed in accordance with the Act.
One of the non-executive directors is appointed as non-executive Chairman and chairs the Non-Executive Directors Committee which is responsible for:
Chairman
Former Deputy Chair of the BMA Board of Directors, Former Secretary to the Cabinet and Head of Civil Service and Financial Secretary
Committees – C,H,L,I,N
Deputy Chair
Chairman, Swiss Re America Holdings Corporation (retired)
Committees – C,H,N
Professor at KU Leuven and Goethe University Frankfurt, Member of the Public Interest Oversight Board
Committees – A,L,N
Partner, Appleby (Bermuda) Limited
Committees – L,N
A – Audit & Risk Management Committee
C – Corporate Governance & Ethics Committee
H – Human Capital Committee
I – Investment Committee
L – Legislative & Policy Committee
N – Non-Executive Directors Committee