Luanda — The Remuneration Committee of the National Bank of Angola (BNA) will strengthen the institutional capacity of the central bank, Minister of State for Economic Coordination José de Lima Massano said on Monday in Luanda.

Speaking at the swearing-in ceremony of the committee's chairman, Mário Palhares, the minister expressed hope that the current leadership would contribute to the continued enhancement of the institution's standing.

For his part, the chairman of the National Bank of Angola's Remuneration Committee, Mário Palhares, thanked the authorities for the confidence placed in him and pledged to conduct his duties with transparency and a focus on achieving positive results.

The BNA Remuneration Committee is an independent body responsible for approving and monitoring the implementation of the remuneration framework applicable to the governing bodies of the central bank.

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The body comprises a member appointed by the Head of the Executive Branch, who serves as chairman, a former governor of the National Bank of Angola appointed by the Board of Directors, and a member of recognised integrity, independence and experience in matters relating to the National Bank of Angola, to be appointed by the first two members.

The remuneration framework must be compatible with preserving the independence of the members of the Board of Directors. Its determination must take into account, among other criteria, the complexity, demands and responsibilities inherent in their duties.

Having worked in both the public and private banking sectors, Mário Palhares served as a board member and deputy governor of the National Bank of Angola between 1991 and 1997.