Strong corporate governance plays a fundamental role in the culture and business practices of CBI. We believe high standards of corporate governance are a key contributor to the long term success of our bank, and create trust and valuable engagement between us and our stakeholders.
In recent years, we have worked to enhance and improve the standards and framework that support our governance model, in line with the guidelines issued by the Central Bank of the UAE. CBI complies with the Central Bank, UAE Securities and Commodities Authority, and Abu Dhabi Securities Exchange regulatory requirements, and adopts industry best practices.
The Governance framework adopted by CBI ensures adequate Board oversight over the risks associated with our business. It focuses on: the separation of the Board of Directors’ and the Executive Management’s duties and responsibilities, the effectiveness of the Board and Management Committees, the role of the external and internal auditors, transparency and accuracy and timely disclosure of information, and co-operation with supervisory and regulatory authorities to ensure full compliance with applicable regulations and best practices.
Role of Board of Directors
The Board of Directors is empowered to carry out the activities and functions required to fulfill the objectives of CBI. The Board’s responsibilities include establishing our strategy and ensuring that we manage risk effectively through approving and monitoring our risk appetite. The Board has overall responsibility for the management of CBI’s activities and affairs.
Board Structure and Meetings
The CBI Board compromises of nine directors. Five directors (including the Chairman) are independent and four directors (including the Vice Chairman) represent the major shareholder (Qatar National Bank). All the directors of the Board are non-executive directors.
The Board meets at least six times a year or whenever necessary at the invitation of the Chairman or Vice Chairman, or at the request of two Board members.
Role of the management team
CBI’s management is led by the Chief Executive Officer (CEO). The CEO manages the business of CBI and its subsidiaries. There are six committees to effectively support management. The roles, responsibilities and authorities of each of these committees are set out in their Terms of Reference.