Board of Censors

The Board of Censors supervises the budget of the National Bank. It is also the audit committee of the Bank.

Powers

The Board of Censors is responsible for supervising the preparation and implementation of the budget. It meets at least eight times a year. Its resolutions are adopted by a majority of the votes.

The Board of Censors is also the audit committee of the Bank and shall exercise in this capacity the tasks laid down by article 21bis of the organic act. The audit committee shall, in particular, monitor the financial reporting process, monitor the effectiveness of the internal control and risk management systems and of the internal audit, monitor the statutory audit of the annual accounts, and review and monitor the independece of the statutory auditor. In this respect, the Board of Censors shall report regularly to the Board of Directors and to the Council of Regency and shall in particular formulate comments and recommendations with regard to the issues that fall within its advisory competence.  

The rules of operation regarding the audit committee are set out in the Audit Committee Regulations, which form an integral part of the Internal Regulations of the Bank.

Composition

The Board of Censors is composed of ten members. It includes an equal number of French and Dutch speakers. The censors are elected by the general meeting of shareholders for a renewable term of three years.