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The Company is managed by a board of directors (the “Board” or “Board of Directors”) comprising seven (7) Directors appointed by the Company’s Ordinary General Assembly of Shareholders. The Company's Board has full powers to manage the affairs and business of the Company, without prejudice to the powers conferred by law and regulation on the General Assembly.
The Board of Directors has appointed Committees of the Board (made up of selected Board members) including an Executive Committee, Audit and Risk Committee and Remuneration Committee. These Committees supplement the role of the Board of Directors in reviewing Company activities and providing guidance to management. The Committees meet more often than the full Board of Directors and report back to it. The Board may also, within the limits of its jurisdiction, authorize and delegate one or more of its members or a third party to undertake a specific function or functions (for example, a Sharia Committee or Advisor).
The primary responsibility of the Board of Directors is to ensure the long-term success of the Company. This includes, among other things, the following:
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Reviewing and guiding corporate strategy, risk management policies, financial planning, annual budgets and business plans as recommended by the Company's management; |
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Setting performance objectives; |
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Overseeing major capital expenditures; |
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Reviewing Remuneration Committee resolutions relating to senior management and members of the Board of Directors; |
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Monitoring and managing potential conflicts of interest of senior management, members of the Board of Directors and shareholders; |
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Ensuring the adequacy of the Company's internal accounting and financial reporting systems, including support of the Company's independent audit functions; |
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Ensuring that appropriate systems of control are in place, particularly systems for monitoring risk, financial controls and compliance with relevant laws; |
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Monitoring the effectiveness of corporate governance practices; |
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Overseeing the process of corporate public disclosure and communications. |
