Executive Risk Committee (“ERC”)

The ERC is chaired by the President & CEO and includes senior representatives from both business and support units. It is primarily responsible for the following:-

(a) To review and recommend risk management strategies, risk frameworks, risk policies, risk tolerance and risk appetite limits to the Risk Management Committee for approval;

(b) To ensure that infrastructure, resources and systems are in place for effective risk management; and

(c) To review periodic reports on risk exposure, risk portfolio composition and risk management activities.

The ERC meets once a month or as and when deemed necessary. For the financial year ended 30 June 2009, the ERC had met 14 times.