The Board of Directors (the “Board”) of XacBank (the “Bank”) is responsible for the strategic management and oversight of the Bank's operations. They ensure that the Bank's operations align with its vision, mission, and strategic objectives, all while safeguarding the interests of its shareholders and stakeholders.

The board is composed of 12 directors, which includes 4 independent directors and 8 ordinary directors. The CEO, Tsevegjav Gumenjav, is also part of the Board, serving as an ordinary director in accordance with the Bank's charter. When appointing board directors, they are evaluated based on criteria outlined in the Company Law and Banking Law. Assessment also includes an evaluation of any potential conflicts of interest, in line with the Board Director Selection and Nomination Policy of the Bank.

The Board operates under Mongolian laws, including the Company Law, Banking Law, Bank of Mongolia regulations, and the Financial Regulatory Commission standards. They also adhere to the Bank's Charter, Governance Codes, the Board Rules and other applicable internal rules and procedures. With regards to transactions involving potential conflicts of interest, the Board follows the Bank’s “Conflict of Interest and Related Party Transaction Policy”. 

Remuneration for Board directors are set within the scope of the Board budget during the shareholders' meetings pursuant to Articles 62.1.13 and 29.2.9 of the Company Law and the Banking Law respectively.

Independent non-executive directors report