Application Paper on the Composition and the Role of the Board
This paper helps with the practical interpretation and application of selected standards and guidance of ICP 5 and ICP 7. The paper aims to provide additional guidance to supervisors on the IAIS’ standards concerning supervision of the Board activities, focusing on supervision of the aspects related to the composition and the role of the Board.
For a Board to be effective, two aspects may be deemed essential: formal aspects (such as suitability, composition, allocation and delegation of responsibilities) and behavioural aspects (such as dominance and too much influence, skills to challenge and to cooperate, capacity for change and openness to diversity). The paper elaborates on these two aspects and good practices for supervision are suggested.