Board of the Corporation

(1) There shall be a Board of the Corporation which shall be responsible for the policy direction and supervision of the operations of the Corporation including the authority to– (a) decide the general and internal policies of the (b) establish or approve the strategies or plans for all matters concerning the management and operations of the Corporation including– (i) human resource management; (ii) budgets and financial management; (iii) risk management; (iv) information management and record keeping; (v) internal audit and control; and (vi) public awareness and education; 10 (c) establish or approve policies, plans, approaches or procedures related to the management and administration of the Fund including– (i) the target levels of the Fund; (ii) (iii) calculation and collection of premiums; and (iv) compensation of insured depositors; (d) approve and adopt a Code of Ethics and Conduct for the Corporation; (e) ensure compliance with the approved internal audit and control procedure and reporting requirements; and (f) approve and issue regulations, rules of procedure and other instruments related to the functions of the Corporation. (2) The Board of the Corporation shall be constituted and operate in the manner set out in Schedule I. Schedule I.