Banc De Binary's board of directors provides a wide range of experience and knowledge to the company. The board’s paramount duty is to oversee the CEO and other senior management in the competent and ethical operation of the company on a day-to-day basis, in addition to monitoring Banc De Binary's financial performance and evaluating overall corporate strategy.

The directors take a proactive, focused approach to their position, and set standards to ensure that the company is committed to business success through maintenance of the highest standards of responsibility and ethics.

Directors’ Responsibilities

The following are the major responsibilities of Banc De Binary directors:

To select competent executive officers—It is a primary duty of a board of directors to select and appoint executive officers who are qualified to administer the firm’s affairs effectively and soundly.

It is also the responsibility of the board to dispense with services of officers who prove unable to meet reasonable standards of executive ability and efficiency.

To effectively supervise the firm’s affairs—The charter and degree of supervision required of a firm’s board of directors to assure a soundly managed firm involves reasonable business judgment and competence, and sufficient time to become informed about the firm’s affairs. Directors cannot avoid responsibility for their firm’s sound management or its problems. If supervisory negligence is involved, a director’s responsibility may extend to personal financial responsibility. The responsibility of directors to supervise the firm’s affairs may not be delegated to the active executive officers. Directors may delegate certain authority to executive officers but not the primary responsibility to maintain the firm and its policies on a sound and legal basis.

To adopt and follow sound policies and objectives—The directors must provide a clear framework of objectives and policies within which the chief executive officer must operate and administer the firm’s affairs. Such objectives and policies should cover all areas. Some of the more important areas would be investments, loans, asset and liability management, profit planning and budgeting, capital planning, and personnel policies.

When the directors lack adequate knowledge of examination techniques and procedures, they are encouraged to employ outside auditors to make some or all of the examination on their behalf. Such an examination, performed by an outside firm, is much more beneficial to the directors if the examining committee or the entire board plays an active role in it. Directors should participate at least to the extent of appraising policies, obtaining an understanding of the procedures to be employed by the auditor, and reviewing the audit report with the auditors. Before concluding the review, directors should understand thoroughly the significance of all of the details contained in the report. When outside auditing firms are utilized, the scope of the examination should include direct confirmation of a representative number of the firm’s loans and deposits.

To observe financial laws, rulings, and regulations—Directors must exercise care to see that financial laws are not violated. That duty may involve a financial responsibility for losses arising out of illegal actions.

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