The Bank’s Remuneration Committee assists the Board by recommending and overseeing the implementation of programs for the remuneration of the members of the Board of Directors and Senior Management. Directors receive per diems for attendance in meetings of the Board and its committees in accordance with the Bank’s By-Laws but do not receive compensation for services rendered. The Bank’s key executives and officers receive salaries, bonuses, and other standard bank benefits and fringe benefit loan program, as approved by the BSP, in accordance with the performance management philosophy of the Bank based on meritocracy or pay for performance.