Corporate Governance

Overview on Development Bank of Sarawak Berhad

DBOS is a wholly Sarawak-owned development financial institution set up with a mandate to fund strategic projects aim at transforming Sarawak into a high and advanced economy to support Post COVID-19 Development Strategy (PCDS) by 2030. The Bank was incorporated in May 2017 and came into operation in January 2018.

Overview

DBOS commits and adheres to the best practices of corporate governance inclusive of applicable governances regulations as introduced by Bank Negara Malaysia and Securities Commission Malaysia. This approach has been adopted notwithstanding the fact that DBOS is a non-prescribed development financial institution.

DBOS has adopted various initiatives which enable its Board of Directors (“Board”) and Senior Management to make well-informed decisions, provide appropriate accountability and transparency, and establish proper culture and behaviours.

The Board is committed to cultivating a responsible organisation by ensuring excellence in corporate governance standards at all times and in this respect, the Board has proceeded to:

approve a Board Charter that sets out the mandate, responsibilities and procedures of the Board and the Board Committees, including the matters reserved for the Board’s decision;
establish relevant Board Committees with Terms of Reference of the Board Committees, to assist the Board to implement and monitor governance’s related internal processes;
approve process for the assessment and appointment of Board members together with key responsible persons in DBOS as defined and outlined in DBOS’ Fit and Proper Criteria Policy and Procedures.