Saturday, August 24, 2019

Board and Sub Committee

Board and Sub Committee

The FSA Board of Directors

The Board of the FSA is the governing body of the Authority and is empowered pursuant to Section 6 of the FSA Act to establish the policy of the Authority and monitor and oversee its implementation. The Board oversees the management of the Authority by the Chief Executive Officer in terms of ensuring that the resources of the Authority are utilized economically and efficiently, the internal management and financial controls of the Authority are adequate, that the Authority operates in accordance with the principles of good governance and fulfils its statutory obligations and properly discharges its functions. The Board is established pursuant to Section 5 of the FSA Act. The Board is presided over by the Chairperson, who is appointed by the President.

The members of the Board are appointed for a fixed term. Members include representation from both the public and private sector. Membership is in line with Section 5 of the FSA Act and includes both ex-officio representatives as well as members appointed by the President.

President Danny Faure appointed a new Board of the FSA, effective Friday 18th July 2017, for a term of three years.

Members of FSA Board of Directors as at 31st December 2017

Capacity in accordance with Section 5 of the Financial Services Authority Act, 2013

 

  Member
S5(1)(a) Chairperson Mr. Suketu Patel[1]

 

S5(1)(b) Chief Executive Officer Dr. Steve Fanny[2]

 

S5(1)(c) Principal Secretary of the Ministry responsible for Finance or a representative of the Principal Secretary Ms. Irene Croisee

 

S5(1)(d) Attorney-General or a representative of the Attorney General

 

Mr. David Esparon[3]

 

S5(1)(e) Chairperson of the Seychelles Chamber of Commerce and Industry or a representative of the Chairperson

 

Ms. Marie-Cecile Esparon[4]

 

S5(1)(f) Chairperson of the Seychelles Bankers’ Association or a representative of the Chairperson

 

Mr. Normal Weber[5]

 

S5(1)(g) Governor of the Central bank of Seychelles or a representative of the Governor

 

Ms. Jenifer Sullivan

 

S5(1)(h) Chief Executive Officer of the Seychelles Investment Board or a representative of the Chief Executive Officer

 

Ms. Cindy Vidot

 

S5(1)(i) Appointed by the President Ms. Tanya Potter[6]

 

S5(1)(i) Appointed by the President Mr. Mike Laval
           

 

Board Committees

The FSA has four Board Committees, namely the Audit Committee, the Human Resources and Remuneration Committee, the Legal Committee and the Finance Committee.

Audit Committee

The Audit Committee is charged with oversight of the FSA’s audit and control functions. The Audit Committee assists the Board in fulfilling its oversight responsibilities and reviews the financial reporting process, the internal control and risk management system, the internal audit process and the process for monitoring compliance with laws, regulations and governance.

Members of the Audit Committee

(As at 31st December 2017)

Ms. Irene Croisee – Chairperson

Ms. Jenifer Sullivan – Member

Ms. Tanya Potter – Member

Ms. Marie-Cecile Esparon – Member

Secretary to the Committee Ms. Zenabe Daman

Human Resources and Remuneration Committee

The Human Resources and Remuneration Committee is established to support the Board in discharging its duty to oversee the establishment of appropriate human resources policies and strategies within the FSA. This is done by reviewing and monitoring human resources policies and making necessary recommendations and hearing of appeal cases on disciplinary matters, conducting necessary enquiries and making necessary recommendation on the course of action through reports.

Members of the Human Resources and Remuneration Committee

(As at 31st December 2017)

Ms. Jenifer Sullivan – Chairperson

Ms. Cindy Vidot – Member

Ms. Marie-Cecile Esparon – Member

Secretary to the Committee Ms. Zenabe Daman

Finance Committee

The Finance Committee is established to support the Board in discharging its duty in relation to the functions of the FSA as per Section 4 of the FSA Act in fulfilling its obligations and oversight responsibilities relating to financial planning of the Authority.

Members of the Finance Committee

(As at 31st December 2017)

Mr. Norman Weber – Chairperson

Ms. Irene Croisee – Member

Ms. Cindy Vidot – Member

Secretary to the Committee Ms. Zenabe Daman

 

Legal Committee

The Legal Committee is established to support the Board in establishing appropriate policies and legal framework for the development and regulation of the financial services industry in Seychelles.

Members of the Legal Committee

(As at 31st December 2017)

Mr. David Esparon – Chairperson

Ms. Tanya Potter – Member

Mr. Mike Laval – Member

Secretary to the Committee Ms. Zenabe Daman