Corporate governance is the system by which business organizations are managed and controlled. The corporate governance structure specifies the authority and accountability of the different participants within the corporation, including the shareholders, the directors, the Senior Management, other management personnel and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs.
The Bank continues to be committed to business integrity and achieving international standards of modern corporate governance in order to continue delivering value to our customers and shareholders. We consider that implementing modern corporate governance practices is central to achieving our objective of becoming an internationally competitive and modern commercial bank.
As part of the shareholding restructuring programme, the Bank was incorporated into a joint stock company with limited liability. This was followed by the establishment of a new modern corporate governance framework which defined the various authorities and responsibilities of the Shareholders' General Meeting, the Board of Directors, the Board of Supervisors and the Senior Management. Our objective is to ensure there is adequate segregation of duties and powers between the Shareholders' General Meeting, the Board of Directors, the Board of Supervisors and the Senior Management. Therefore, this has established a sound and efficient structure for policy making, enforcement and oversight, ensuring that independence and effective checks and balances are in place between the supervisory levels.