Is there any regulation that requires that the HR/Personnel Policy be Approved annually by the Board (even if there are not changes)? Just cuirious....

If you have an affirmative action plan there should be wording such as "Through delegation of authority from the Board, the Chairman has the responsibility for day-to-day management and control of the Bank and the establishment of policies and procedures for its employment programs and other operations of the Bank."

Since the Chairman is responsible for this, then it stands that the Board would and should review and approve any changes to its personnal policies.