The Committee consists of: Mr. Claude Piret (Chair), Mr. Yiannis Zographakis (member), Mr. Haris Makkas (member), Mr. Andrew McIntyre (member) and Mr. Periklis Drougkas (member).
The Board Risk Committee ("BRC") was established by Board decision (meeting no. 1308/20.7.06) in accordance with the requirements of Bank of Greece Governor's Act No. 2577/9.3.2006. The Committee has two roles, namely it operates a) as the Board Risk Management Committee and b) as the Board Committee Responsible for Non-Performing Loans/Exposures (NPLs/NPEs) as prescribed by Art. 10 par. 8 of Greek Law 3864/2010, as in force.
The Committee is composed exclusively of non-executive Board members, at least three in number, one third of which (excluding the HFSF representative and rounded to the nearest whole number) are independent non-executive members of the Board, in accordance with the definition of independence specified in the Bank's Corporate Governance Code and one member is the HFSF representative at the Board of Directors. The members and the Chairman of the Committee are elected by the Board of the Bank, following recommendation by the Board's Corporate Governance and Nominations Committee. All members should have adequate knowledge and prior experience in banking and financial services, while at least one member as an expert should have significant experience in risk and capital management, as well as knowledge of the local and international regulatory framework.
The BRC convenes regularly at least on a monthly basis, as well as extraordinarily, whenever deemed necessary by its Chairman.
During 2018, the Committee convened thirteen times. In the context of its responsibilities and during the course of the year, the Committee was briefed in detail and on a regular basis on risk issues such as the IFRS 9 Credit Risk Models, the Stress Tests results, the Risk Appetite Framework project and the 2018 internal capital adequacy assessment process ("ICAAP")/ internal liquidity adequacy assessment process ("ILAAP") results. In addition, the Committee was extensively updated on issues related to NPL/NPEs, particularly based on reports of systemic measurements of their effectiveness and efficiency. Furthermore the Committee submitted to the Board of Directors for approval the NBG Group Recovery Plan 2018 as well as Policies related to the proper internal operations of the Group such as the ILAAP & ICAAP Frameworks/Liquidity Policies, the updated Market Risk Policies and Methodologies and IFRS 9 related Policies, the NPE Divestment Policy, the Retail Credit Policy and the Credit Policy for the Corporate Portfolio. In addition, the Committee approved on a quarterly basis the Report to the Bank of Greece on the Management of Loans in Arrears and Non-Performing Loans, as per Bank of Greece Act 42.
In March 2019 the Committe Charter was revised.