Code of Conduct
The Bank shall have a Board approved policy for ‘Code of Business Conduct and Ethics’ that includes a definition of conflict of interest, related party and transactions based on insider information of the Bank. Such policy shall be circulated to all the Bank’s employees and Board members and their signatures shall be obtained on adherence to its content.
The Board shall ensure specifying professional standards and institutional values that enhance the integrity of the Bank, the Board members, the Executive Management, and other employees. These standards and related policies shall be published on Bank’s website and the degree of adherence to it shall be specified in the governance report issued in the Bank’s annual report.
Conflict of Interest
The Bank shall have written policies on conflict of interest covering its definition, independent execution, and disclosure; whether such conflict is between Board members and the Bank or between the Executive Management and the Bank.
Transactions with related parties
The Bank shall have written policies on transactions with the related parties. These policies shall include rules and procedures for organizing transactions with such parties whether between the Bank and its employees, the Bank and its Board members or their companies, or parties related to them, including lending transactions and joint trading transactions with the Bank.
Disclosure and Transparency
The Bank shall establish Disclosure and Transparency unit with a comprehensive Disclosure and Transparency Policy approved by the Board. This policy shall serve the purpose of the Bank and other stakeholders and also raise the level of corporate governance effectiveness in the Bank. The Bank shall have a separate department responsible for disclosure, whose tasks and responsibilities shall be determined by the Board.
Disclosure and Transparency Policy shall include all information which is required to be disclosed along with schedule and method specified by laws, regulations, decisions, and the CBK, the KSE, the CMA, and any other regulatory instructions.
The Bank shall place policies and procedures on Fraud/ Whistle Blowing - Private Informant Policy, including procedures enabling employees to contact the Board Chairman to communicate any concerns they might have on the possibility of violations or fraud, and in a way that allows independent investigation into these concerns and its follow-up. These procedures shall ensure that the Bank provides the required protection for these employees to assure them they will not be threatened or penalized even when there is nothing to prove their concerns. The execution of these procedures shall be supervised by the Bank's Internal Audit Department.