Board of Directors

  Corporate Governance

​​The Bank is steered by an effective and unitary Board which assumes responsibility for its leadership and control and is collectively responsible for promoting Bank’s long-term success by directing and supervising its affairs. The Directors are responsible for ensuring that the Board makes decisions objectively in fulfilling the Bank’s public and corporate responsibilities.

 

Board Composition
The Board shall comprise of non-executive Directors, as elected by the General Assembly, In April 2019, Vice Chairman has been assigned by the Board as Burgan Bank Group CEO after obtaining necessary approvals by regulatory bodies, and therefore is concidered and Executive Director. The Board will ensure independence in actions and decisions at all times.The Board shall comprise of sufficient number of members to allow it to form the required number of Board Committees.

Election and renewal of the Board membership shall be done in compliance with the applicable rules and regulations. The changes related to the number of Board members of the Bank shall be suitably reflected through amendments in the Articles of Association to correspond to the implementation of the rules, regulations and instructions.
Each member of the Board shall serve a term of three years, at the end of which the Board shall be formed again and it shall be permissible to appoint the members whose term has expired.

Board Qualification
The Board members shall possess suitable qualification and experience, as appropriate for their position and tasks. The members shall have a clear understanding of their role in relation to governance and shall have the ability to make objective decisions about the Bank’s affairs.

Board Member Declaration
Each Board member shall ensure that their other commitments, including outside Board memberships, do not interfere with their duties and responsibilities as a member of the Board.

Board Induction
The Board shall adopt a formal induction program to familiarize with the Bank’s operations and activities.

Board Responsibilities
The Board shall have overall responsibility for the Bank, including approving and overseeing the implementation of the Bank’s strategic objectives, risk strategy, corporate governance and corporate values. The Board shall also be responsible for providing oversight of the Executive Management.

The Board members shall exercise their independence and commitment to perform their role towards the Bank and all its stakeholders without being under an effect or influence which may limit their ability to look into the Bank’s affairs, discuss them and make a decision on it in an objective manner to protect the minority's rights.

The members of the Board shall exercise their duties towards the Bank apart from the party appointing them, maintaining the interests of the shareholders, depositors, creditors, employees, and other stakeholders.

The Board shall manage the Bank in a professional manner and as per the laws, instructions, and internal policies.

The Board shall specify sound practices of governance for its tasks and ensure there are means that confirm that the practices are followed and they are reviewed in order to improve them. The Board
shall put in place and practice sound governance standards in a way that helps it to perform its duties efficiently and conveys clearly the Bank’s views and goals.