Governance of the HFSF and the banks Sample Clauses

Governance of the HFSF and the banks. The independence of the HFSF will be fully respected, its governance reinforced and it shall operate under commercial terms and without any political or other interference. The independence of the management, decision-making and commercial operations of banks will be fully respected and the banks will continue to operate strictly in accordance with market principles. Any potential replacement of board members and senior management of the banks will be carried out without any political or other interference. Appointments will be made in line with best international practice. As a prior action, the HFSF will make every reasonable effort to ensure that the reconstitution of the boards of the four core banks is finalised and that non-eligible members are replaced by new members nominated by the nomination committees of the banks who respect the criteria specified in the HFSF law. Any other changes in banks' governance recommended by the review should also be implemented. As a prior action, the authorities will ensure that State representatives meet the minimum criteria of the HFSF law. As a prior action, the authorities will appoint a CEO in the HFSF in accordance with the requirements of the HFSF law. Following the review and reconstitution of the banks' boards, the HFSF will make every effort through its representative on the boards of the banks and as an active shareholder, to ensure that the boards function effectively in overseeing the performance of management. The HFSF as shareholder and also on the basis of the Relationship Framework Agreements (RFAs) should assess regularly, using if needed external expertise, the banks' overall governance framework and the performance of the banks’ Boards of Directors and recommend, if needed, changes. The HFSF will also ensure that the banks’ Boards of Directors assess regularly, using if needed external expertise, the effectiveness of Banks’ middle and senior management. The HFSF will ensure through the Relationship Framework Agreements (RFAs) that the external auditors' contracts with the banks will have a maximum duration of five consecutive years, and the decision on the first rotation of the current auditors will be made in all banks by end-February 2017 for the financial year of 2018 at the latest.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Governance of the HFSF and the banks

  • Rights of the Grievant and the Association A. The grievant has the right to Association representation at all meetings and hearings involving the grievance.

  • NOW AND THEREFORE in accordance with the principle of sincere cooperation, mutual benefit and joint development and after friendly negotiations, the parties hereby enter into the following agreements pursuant to the provisions of relevant laws and regulations of the PRC.

  • Audit and the National Audit Office E9.1 The Contractor shall keep and maintain until six (6) years after the end of the Contract Period, or as long a period as may be agreed between the Parties, full and accurate records of the Contract including the Services supplied under it, all expenditure reimbursed by the Authority, and all payments made by the Authority. The Contractor shall on request afford the Authority or the Authority’s representatives such access to those records as may be requested by the Authority in connection with the Contract.

  • Factors Beyond the HSP’s Control Despite the foregoing, if the Funder, acting reasonably, determines that the Performance Factor is, in whole or in part, a Factor Beyond the HSP’s Control:

  • Indemnity in favour of the Agents The Current Issuer agrees to indemnify each Agent for, and to hold such Agent harmless against, any loss, liability or expense incurred by it arising out of, or in connection with, its acting as agent of the Current Issuer or the Note Trustee in relation to the Current Issuer Notes provided that such loss, liability and/or expense has not arisen as a result of its own fraud, negligence, wilful misconduct or breach of contract. No termination of this Agreement shall affect the obligations created by this Clause 13.5 (Indemnity in favour of the Agents).

  • Appointment of the Agents (A) Each other Finance Party (other than the relevant Agent) appoints each Agent to act in that capacity under and in connection with the Finance Documents.

  • Notice to the Corporation and the Warrant Agent (1) Unless herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant Agent shall be deemed to be validly given if delivered, sent by registered letter, postage prepaid or if faxed:

  • Remedies of the Association Section 5.01. Pursuant to Section 6.02 (h) of the General Conditions, the following additional events are specified:

  • Corporation and Warrant Agent May be Represented The Corporation and the Warrant Agent, by their respective directors, officers, agents, and employees and the Counsel for the Corporation and for the Warrant Agent may attend any meeting of the Registered Warrantholders.

  • Conditions of Funding (a) The HSP will:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!