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Corporate Governance

Board of Directors

The following persons constitute Izola Bank’s Board of Directors. They are responsible for the overall management of the bank. The Board meets to establish and review the policies and strategies of Izola Bank and to monitor its performance.

 

Magdalena De Roeck
Chairperson, Non-executive Director​

Magdalena De Roeck

Appointed to the Board in February 2006. A UCL business engineering graduate from the Catholic University of Louvain, Belgium, Ms de Roeck is the non-executive Chairperson of the Van Marcke Group.

Caroline Van Marcke
Non-executive Director

Countess A d'Oultremont

Appointed to the Board in January 2000. A Solvay business engineering graduate from the University of Brussels, Belgium, Caroline Van Marcke is the Van Marcke Group Chief Executive Officer and executive director.

Joseph Caruana
Non-executive Director

Joseph Caruana

Appointed to the Board in February 2006. He has extensive banking experience, having worked for 44 years in the financial services sector both with Barclays Bank in Malta and the U.K., and as General Manager of the Mid-Med Bank Group and HSBC Bank Malta p.l.c. until his retirement in 2000. He is at present a director of APS Bank Limited, Malta and is active in the Corinthia Group of Companies, Malta and holds a number of other directorships.

Francis Gouder
Non-executive Director

Appointed to the Board in May 2015. He has extensive banking experience having worked for 45 years in the banking sector , both at branch and head office level. He joined Barclays and also worked for Mid Med Bank and HSBC Bank from where he took early retirement. His last post at HSBC was that of Area Director. He was an advisor to the executive committee at Banif Bank and subsequently was appointed head of private banking at Banif. He presently holds a number of other non-executive directorships./p>

Guido Mizzi
Non-executive Director

Guido Mizzi

Appointed to the Board in September 2010. A Fellow of the Association of Chartered Certified Accountants. His career in the audit and accounting profession spanned a period of thirty years, the last seven years of which as managing partner of the local accountancy firm MSD & Co then local representative firm of Andersen Worldwide. During this period he acted as engagement partner for some of the larger companies and national corporations in Malta including banks, utility corporations and private companies involved in varied industrial and commercial undertakings.

Patrick H Van Leynseele
Non-executive Director

Patrick H Van Leynseele

Appointed to the Board in January 2010. A law graduate from the Free University of Brussels, Belgium, Mr Van Leynseele holds a Masters degree in Comparative Law from the University of Miami. Called to the Bar in Brussels in 1979 and in New York in 1997, Mr Van Leynseele is a partner in the Brussels law firm Dal & Veldekens. He is a non-executive director on the boards of several companies of the Van Marcke group.

Andrew Mifsud
CEO & Executive Director​

An Associate of the Chartered Institute of Bankers and holder of an MBA specialising in banking from the University of Exeter, U.K. Appointed Chief Executive Officer in December 2011, he joined the Bank in June 1994 as a Banking Executive and was appointed General Manager, in August 1998 and Executive Director from 2019. He previously held positions with National Westminster Bank plc, London and Melita Bank Limited, Malta (subsidiary of Istituto Bancario San Paolo di Torino).

Simon Azzopardi
Non-executive Director

Simon Azzopardi

Appointed to the board in July 2019. He holds a B.Sc. in Commerce from the University of Malta and an M.Sc. in Computing from Oxford Brookes University. Mr Azzopardi has an extensive background in product development predominantly in the financial services sector and is currently Head of Product at Sherpa, a UK regulated online insurance start-up. He also sits on several boards dealing with technology businesses including Silicon Valletta, Malta IT Law Association and the SXSW Advisory Board.


Remuneration and Nomination Committee

The Remuneration and Nomination Committee comprises three non-executive directors, namely Mr. Francis Gouder (Chairperson), Mr. Patrick van Leynseele and Ms. Caroline Van Marcke. The Remuneration and Nomination Committee is tasked with delving into the detail of oversight of remuneration, making proposals to the Board on the remuneration policy for directors and senior management and with leading the process for Board appointments and the assessment of the size, composition, performance and individual and collective suitability of directors.

Audit and Risk Committee

The Audit and Risk Committee currently comprises two independent non-executive directors namely Guido Mizzi (Chairman) and Mr. Patrick van Leynseele. Mr. Mizzi has been identified by the board as the audit committee director competent in accounting and/or auditing as required by the Listing Rules. Other Board members have a right to attend the meetings. The Audit and Risk Committee has direct access and reporting channels to the Head of Finance & Treasury, who is responsible for the preparation and integrity of financial statements, and the Risk and Compliance manager, who is responsible for ensuring proper execution of the risk management and control framework. The Head of IT, who is responsible for the maintenance of internal controls in relation to ICT, attends meetings when ICT-related topics are discussed. Both the internal and external auditors are also invited to attend meetings on an ad-hoc basis. The Company Secretary acts as Secretary to the Committee.

Credit Committee

The Credit Committee currently comprises two non-executive directors, namely Joseph Caruana (Chairman) and Mr. Francis Gouder and one executive director, the CEO. The Credit Committee reviews the credit risk management of the Bank and considers and reviews credit applications and limits. The Head of Credit regularly attends meetings of the Credit Committee and the Company Secretary acts as the secretary to the Committee.

Asset and Liability Management Committee (ALCO)

The ALCO currently comprises the CEO (Chairman), the Head of Finance & Treasury and a Finance Assistant Manager. The ALCO monitors the Bank's financial performance, and reviews and manages financial risks in accordance with Bank policies, namely: interest rate, liquidity and funding risk, solvency, market sector and country risk and counterparty and foreign exchange risk.


Senior Management

Andrew Mifsud - CEO

An Associate of the Chartered Institute of Bankers and holder of an MBA specialising in banking from the University of Exeter, U.K. Appointed Chief Executive Officer in December 2011, he joined the Bank in June 1994 as a Banking Executive and was appointed General Manager in August 1998. Previously held positions with National Westminster Bank plc, London and Melita Bank Limited, Malta (subsidiary of Istituto Bancario San Paolo di Torino).

Calvin Bartolo - Head of Finance, Treasury & Compliance

Joined the Bank in November 2010 as Finance Officer and was appointed Financial Controller in June 2014. He is responsible for Finance, Treasury, Credit and Legal & Compliance and also acts as Company Secretary. Previously held the position of Internal Auditor within the Middlesea Group. He is a graduate of the University of Malta in Banking and Finance and is also in possession of post-graduate qualifications in Financial Reporting and Auditing.

Adrian Formosa - Head of Operations

Joined the Bank in January 2015 as an Operations Manager. He is responsible for the management of the Operations function, Customer Relations, and assists the CEO with marketing strategies. He has wide banking experience, having worked for 20 years in the financial services sector with APS Bank Limited, Malta. He is a holder of an MBA specialising in Finance from Leicester University, U.K.

Gordon Briffa - Head of ICT

Joined the Bank in September 2015 as an ICT Manager. He is responsible for the management of the IT Operations, Projects and Support. He has more than 15 years of IT experience mainly in the Financial Services and Oil & Gas sectors both locally and overseas. He is a graduate of Portsmouth University in Computer Science.

Josef Frendo - Head of Credit & Risk

Joined the Bank in September 2017 as the Head of Credit. He is responsible for the management of the Credit function and in building sustainable customer relationships. He holds qualifications in Banking obtained from the Institute of Financial Services, of which he is also an associate. He has over 20 years’ experience in the financial services sector with HSBC Bank, where he has worked in different sections, both locally and abroad, providing him with substantial expertise in banking services..


Statutory Auditors

Izola Bank' s external auditors are KPMG of Portico Building, Marina Street, Pieta PTA 9044, Malta. KPMG is a firm of certified public accountants holding a warrant to practice the profession of accountant in terms of the Accountancy Profession Act (Cap. 281 of the laws of Malta).

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