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THE MOROCCAN DEPOSIT INSURANCE CORPORATION

THE MOROCCAN DEPOSIT INSURANCE CORPORATION

Internal Committees

The provisions of the SGFG’s statutes of SGFG stipulate that the Board may establish the internal committees. The Board determines their membership and mandates and supervises their tasks.

The Board of Directors works with three committees:

Investment Committee

The mandate of the Investment Committee is to assist the Board of Directors in implementing the allocation of the Strategic Investment Policy, considering the regulatory requirements of Bank Al-Maghrib, and to review the performance and management of the Funds ‘s assets.

The Investment Committee also ensures the implementation by the Management of the SGFG the Board’s recommendations in terms of Investment Policy and the risk taking in the management of the Funds’ assets.

The Investment Committee is chaired by an independent director, as selected by the Board. It includes the General Manager of the SGFG. The Committee may call upon any person whose collaboration it considers useful. The Committee meets at least four times each year upon convocation by its Chair and as many times as required.

Audit and Risk Committee

The Audit and risk Committee has primary responsibility for overseeing and assessing internal accounting and financial controls; the integrity of financial statements the implementation within the SGFG of the internal control and risk management systems as well as monitoring of the conduct of the internal audit activity. It is also the responsibility of the Committee to oversee the review of the financial statements of the SGFG and Funds before their submission to the Board of Directors and the integrity of the financial information on the SGFG and Funds intended for the Board, the Shareholders' Meetings and the Public.

The Committee is chaired by the General Manager of Bank Al-Maghrib and includes two independent Directors. It meets at least twice each year.

Intervention and Resolution Committee

The mandate of the Intervention and Resolution Committee is to review all issues and matters relating to the resolution of the difficulties of member credit institutions, mainly matters involving:

  • The provisional administration of a member credit institution,
  • the financial support of a member credit institution,
  • the conditions to take holdings in a member credit institution or entities resulting from the application of the provisions of paragraphs 2, 3 and 4 of Article 115 of Banking Law 103.12, promulgated by Dahir No. 1-14-193 of 1st Rabii I 1436 (24 December 2014),
  • the reimbursement of depositors of a member credit institution,
  • the collection of subrogated claims in the event of liquidation of a member credit institution.

The Intervention and Resolution Committee coordinates with the Bank Al-Maghrib’s internal departments and its members may share information and documents on member credit institutions that may be subject to the resolution procedure.

The Intervention and Resolution Committee has an internal manual which outlines the legal and regulatory provisions relating to the SGFG’s scope, as well as a manual of exercises simulation of Idiosyncratic crises.

The Intervention and Resolution Committee is chaired by the General Manager of Bank Al-Maghrib and includes two independent Directors as well as the head of Banking Supervision Department of Bank Al-Maghrib. It meets once a year upon convocation by its Chair and as many times as required.

When the Board of Directors discusses and decides upon matters pertaining to the resolution of a member credit institution, it is composed only of these members, excluding the members from the Banking Industry.