AID Bank's Corporate Information
IncorporationThe Dominica Agricultural Industrial and Development Bank (DAIDB) is a body corporate established in 1971, which operates under the Dominica Agricultural Industrial and Development Bank Act, Chapter 74:03 of the laws of the Commonwealth of Dominica [(1990 Revised Edition)].
Objectives of the BankUnder the provisions of the DAIDB Act the objectives are to: 1. Promote and influence economic development in the Commonwealth of Dominica; and 2. Mobilize funds for the purpose of such development.
Share CapitalThe authorized capital of DAIDB is $50,000,000. As at June 30, 2011, paid-up share capital amounted to $47,970,205 of which 89.58 percent is held by the Government of Dominica (GOCD) while the Dominica Social Security (DSS) owns the remaining 10.42 percent.
Board of Directors and its CommitteesThe Bank is under the direction and control of a Board of Directors comprising nine members selected by its shareholders. The Board approves loans above $250,000. The Board of Directors has delegated to the Loans Committee the power to approve on its behalf loans above $100,000 to a maximum of $250,000.
A Finance and Audit Committee was established in April 2006. The primary responsibilities of the Committee are oversight of reliable, accurate and clear financial reporting to the shareholders, ensuring adequate internal controls, selection and oversight of the external auditor, compliance with the applicable laws & regulations as well as the Banks own policies, and evaluating the management of key risks of the organisation.
The Student Loans Advisory Committee is responsible for ensuring the establishment and publication of the Priority List of Courses annually, monitoring the non-credit performance of the Student Loans Programme and recommending student loans for approval by the Bank.
The Board of Directors has established two other Committees. One is the Negotiating Committee constituted in order to make recommendations to the Board regarding the collective bargaining agreement with staff. The second is the Appeals and Anomalies Committee, which considers staff matters.