Article 258 General governance requirements

1.

(a)

establish, implement and maintain effective cooperation, internal reporting and communication of information at all relevant levels of the undertaking;

(b)

establish, implement and maintain effective decision making procedures and an organisational structure which clearly specifies reporting lines, allocates functions and responsibilities, and takes into account the nature, scale and complexity of the risks inherent in that undertaking's business;

(c)

ensure that the members of the administrative, management or supervisory body collectively possess the necessary qualifications, competency, skills and professional experience in the relevant areas of the business in order to effectively manage and oversee the undertaking in a professional manner;

(d)

ensure that each individual member of the administrative, management or supervisory body has the necessary qualifications, competency, skills and professional experience to perform the tasks assigned;

(e)

employ personnel with the skills, knowledge and expertise necessary to carry out the responsibilities allocated to them properly;

(f)

ensure that all personnel are aware of the procedures for the proper carrying out of their responsibilities;

(g)

ensure that the assignment of multiple tasks to individuals and organisational units does not or is not likely to prevent the persons concerned from carrying out any particular function in a sound, honest and objective manner;

(h)

establish information systems which produce complete, reliable, clear, consistent, timely and relevant information concerning the business activities, the commitments assumed and the risks to which the undertaking is exposed;

(i)

maintain adequate and orderly records of the undertaking's business and internal organisation;

(j)

safeguard the security, integrity and confidentiality of information, taking into account the nature of the information in question;

(k)

introduce clear reporting lines that ensure the prompt transfer of information to all persons who need it in a way that enables them to recognise its importance as regards their respective responsibilities;

(l)

adopt a written remuneration policy.

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