The Institut Català de Finances’ governing bodies are the Supervisory Board and the Chief Executive Officer pursuant to the ICF Act.
- The Supervisory Board, equivalent to the board of directors of a company, is the highest decision-making body of the ICF and has the widest powers for the administration of the entity as well as the functions of supervising the operation of the corporate governance system.
- The CEO, appointed by the Government of Catalonia, is responsible for the ordinary and extraordinary representation of the ICF and has broad powers such as the direction and implementation of the decisions and guidelines approved by the Supervisory Board.
The Supervisory Board has to set up all the commissions and committees required by the regulations on credit entities and it may also set up other bodies to which it delegates part of its powers.
Thus the ICF has three committees:
- Executive Committee.
- Joint Audit and Control Committee.
- Appointments and Remuneration Committee.
It is made up of the chair, the CEO and a number of members not less than five and not more than nine with a majority of independent directors in accordance with credit institution regulations.
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It is responsible for approving and amending credit transactions and investment in equity instruments as well as for setting up and leading the specification of credit products.
It is in charge of planning and monitoring internal and external auditing, global risk control, regulatory compliance and internal control.
It has the authority to analyse, validate and make proposals to the Supervisory Board regarding issues relating to appointments (good repute, suitability, etc.) and remuneration of the members of the governing bodies of the entity and of its key personnel.
Senior officials and management staff
The position of Chief Executive Officer of the ICF is subject to the Code of Conduct for Senior Officials and Management Staff of the Government of Catalonia as the basis of the democratic institutional system to ensure public integrity and ethics.
In compliance with this code, their schedule, trips and any gifts and invitations received may be viewed on the Government of Catalonia’s Transparency Portal.
Their remuneration and that of the other members of the governing bodies is available on the Open Data portal.
The CEO’s schedule includes meetings and events with stakeholders and institutional meetings but excludes internal meetings and meetings with customers pursuant to the Organisation, Supervision and Solvency of Credit Institutions Act 10/2014 of 26 June.
The ICF also has its own Code of Conduct and a policy on accepting and offering gifts approved by the Supervisory Board and applicable to staff, executives and members of the governing bodies.