As part of APS Bank's commitment to uphold the highest standards of corporate governance and to further nurture the bank's culture and values, the Board of Directors has revised its structure of Board and Management Committees in line with current best practices.

What was previously the Governance & Conduct Committee has been split into two. The ESG Committee is a first for a Maltese bank, creating meaning and value to Environmental, Governance and Social aspects that have become high on the agenda of financial regulators and banks alike.

The Conduct Committee focuses on regulatory, integrity and conduct issues, including oversight on the transparent provision of products and services and consumer protection. An updated mandate was also given to the Nominations & Remuneration Committee. Changes were also carried out to the composition of most Board and Management Committees, bringing further expertise and diversity into these bodies.

The attached infographic lays out the corporate governance structure of Committees by which the Management team is supervised and supported, respectively.

Frederick Mifsud Bonnici, APS Bank Chairman, stated, "Our emphasis on being a sustainable bank long-term, has now led us to creating an ESG Committee focused on driving this topic even further than ever before. Having dedicated teams and committees are an essential part of the sustainability strategy which lies at the heart of the Bank."

New pension schemes announced

APS Bank also recently announced the launch of its suite of pensions products, consisting of the Occupational Pension Scheme and the Personal Pension Plan.

The APS Occupational Pension Scheme is offered at the employer / organisation level, allowing them to attract and retain skilled talent by taking care of their staff's future financial welfare. The APS Personal Pension Plan is offered at the individual level, providing the opportunity to improve on the Government Pension in a tax efficient manner.

Both schemes are authorised by the MFSA and are registered with the Inland Revenue Department.

They enjoy favourable tax treatments and under present legislation, with anyone setting up an APS Pension entitled to a tax refund of 25 per cent of the premium paid in for that year up to a maximum of €500.

Personal Pension plans are distributed from all APS Branches through authorised Investment distribution personnel who have been trained and are now authorised to distribute these plans.

A specialised section within the Investment Distribution Unit (Corporate Sales), managed by Mark Lamb, will specifically target organisations for the Occupational Pension schemes.

Kenneth Genovese, Head of Investments Distribution at APS Bank said, "APS is a community bank with over 100 years of experience in providing trustworthy, personalised service to our customers throughout their life journey. We are now proudly extending our expertise to that stage in one's life when financial uncertainty may be higher. Our goal is to provide the best possible savings and investment outcomes with our pension products, offering our customers what best suits their lifestyle today while preparing them for the future."

Please visit our website for more information about the APS Occupational Pension Scheme and the APS Personal Pension Plan, or call our Contact Centre on 21226644.