| 1. | Each bank is required to nominate a representative(s) to each of the committees. The representative(s) should be of an appropriate seniority within the bank and should have the appropriate knowledge and skills to contribute to the proceedings of the committee. He should also be in position to make commitments on behalf of the bank and contribute to the work and decisions of the Committee according to the bank’s reporting line. |
| 2. | Each bank must be presented at the committee meetings. The bank representative(s) is responsible for communication of the proceedings of the meetings to the relevant personnel within their bank including to the Managing Director, Chief Executive Officer or the General Manager. |
| 3. | Each Committee must elect a Chairman, Vice Chairman and Secretary (committee officials). The terms of the Chairman, Vice Chairman and Secretary will normally be for one year but could be extended by a unanimous decision of the Committee. |
| 4. | Each bank has an equal obligation to act as an official of the committee. The Chairman of each committee must maintain a record of the individuals and banks appointed as committee officials, and must ensure that all banks participate fully and meets their responsibility to act as committee officials. |
| 5. | All banks must be represented in all meetings. Attendance records must be maintained. |
| 6. | SAMA will nominate staff to attend meetings as observers only. |
| 7. | In circumstances where the Chairman cannot attend the meeting the Vice Chairman will act as Chairman. |
| 8. | In circumstances where any Committee member resigns during his term, the bank must choose a replacement to serve until the end of the term. |
| 9. | Minutes must be taken at each meeting of a Committee. The minutes of each Committee meeting must be submitted to a SAMA representative in a draft form for reviewing before circulation to the full membership of the Committee. |
| 10. | Committee meetings should normally be held at the Institute of Banking, or at SAMA Head Office. Sub-committee meetings may be held at other locations or in Banks after receiving SAMA consent. |
| 11. | From time to time, sub-committees may be formed. The Chairman of the main Committee after consultation with membership may at his discretion delegate the Chair of the sub-committee to another member of the committee. The sub-committee is fully accountable to the main committee. Proposals to SAMA must be voted upon and made via the main committee. |
| 12. | Committee decisions and proposals will normally be governed by consensus. In the case of dissent, a majority vote will apply. Banks are not permitted to vote by proxy. In case of equal vote, the committee is authorized to seek guidance from the higher Committee. |
| 13. | Each Committee should prepare its terms of reference. The terms of reference should detail the scope and objectives of the Committee and identify the types of issues which the Committee intends to consider. At the beginning of each term, the Managing Directors’ Committee should review all the submitted term of reference documents for the sub-committee before submitting them to SAMA outlining their objectives, mandates, and priorities for the coming year. |
| 14. | Issues to be discussed in a Committee meeting could originate from the banks, SAMA and other stakeholders. Banks representatives may agree by consensus to raise issues as proposals to SAMA. |
| 15. | Proposals made by the committees to SAMA must be fully documented and must outline the issues, contain a detailed analysis of the merits and demerits including supporting documentation such as international best practice, and the recommendations made by the committee. Proposals requiring major changes in policies or commitment of significant resources must be channeled through the Managing Directors’ Committee to ensure their approval.
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