Management

Governance
SMCS is committed to good corporate Governance and is consistently striving to further strengthen the same to ensure grater transparency and better coordination at all levels.Smcs belives that good corporate governance is much more than complying with legal and regulatoryrequirments.Good governance facilitates,effective management and controle of business,enables SMCS to maintain a high level of business ethics and to optimize the value for all its stakeholders.The objectives can be summerised as:

To protect the interest of all stakeholders such as customers, employees and society at large.

To ensure transparency and integrity in communication and to make available full, accurate and clear information to all concerned.

To ensure accountability for performance and customer service and to achieve excellence at all level.

To provide corporate leadership of highest standard for others to emulate.

 

SMCS is committed to:

–      Ensuring that the Board of Directors meets regularly, provides effective leadership and insights in business and functional matters and monitors SMCS performance.

–      Establishing a framework of strategic control and continuously reviewing its efficacy.

–      Establishing clearly documented and transparent management processes for policy development, implementation and review, decision-making, monitoring, control and reporting.

–      Providing free access to the Board to all relevant information, advices and resources as are necessary to enable it to carry out its role effectively.

–      Ensuring that the Whole Time Director has the responsibility for all aspects of executive management and is accountable to the Board for the ultimate performance of the institution and implementation of the policies laid down by the Board.

 

SMCS Board

The Board is represented by Directors with diversified professional experience. They are Academicians, Social Activists, Senior Bankers and Senior Administrators.  They meet at regular intervals.

 

Exposure of Board Members

SMCS’ Board of Directors endeavor to keep them updated with changes in global economy and legislation. They attend various workshops and seminars to keep themselves abreast with the changes in the social and micro finance scenario.

 

Board of Directors:

Its major roles include, among others:

Overseeing the risk profile of SMCS

Monitoring the integrity of its business and control mechanism

Ensuring expert management.

Maximising the interest of its stakeholders.

The Board is headed by the Chairman, has the Whole Time Director and five other Directors.

 

Induction of new Director:

No change in the position of Directors

 

Executive Committee of the Board:

Subject to the general or special directions of the Board of Directors, ECB may deal with any matter within the competence of the Board of Directors. ECB consist of the Chairman, the Whole Time Director and all or any of the other Directors who are available on the date of meeting

 

Meeting of the Board & Committees

The Board of Directors has constituted five Committees. These Committees provide effective professional support in the conduct of Board level business in key areas like Audit & Accounts, Risk Management. . While the Credit Committee meets generally once in a week, the other Committees meet periodically, once in a quarter generally to deliberate on policy issues and /or review domain performance. The committees also call external specialist, besides drawing upon the services of senior managements of SMCS, as and when needed. The minutes and proceedings containing brief reports on the discussions held at the meetings of the Committees are placed before the Board. Project Advisory Committees has been constituted at the instance of SIDBI and IDBI Bank to review the performance of SIDBI & IDBI Bank loans and grants received by SMCS.

The various meetings conducted during the last financial year are as under:

 

Audit Committee of the Board (ACB): Functions:

:

  • Oversees the operation of the total audit function of SMCS i.e. implementation and quality control and serves as an effective and objective mechanism to monitor SMCS’s financial reporting process and internal control system.
  •  ACB review the internal inspection/ audit plan and function in the institution- the system, its quality and effectiveness in terms of follow-up. It reviews and approves the compliances furnished in respect of audit reports to any statutory body and accuracy in financial reporting. It also, especially , focuses on the follow up of:

–          KYC-AML guidelines

–          Major areas of house keeping

  • Interact with the Statutory Auditor before finalization of the Annual accounts/reports.