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Corporate Governance guidelineS\framework

 
      Compliance Directive  
             
     

Corporate Governance guidelines\framework


Overview

 

Global Banking Corporation B.S.C. (c) (the “Bank”) is committed to effect the Corporate Governance Code and in more particular the additional directives on Corporate Governance which are included in High-Level Controls and Public Disclosures Modules of the CBB Rulebook Volume II as applicable to Islamic wholesale banks, more distinctively:

  1. The Bank aspires to the highest standards of conduct legal and ethically by reporting results with accuracy and transparency, maintaining compliance with laws, rule and regulations which govern the Bank’s activities.

  2. Being the principal governance body of the Bank, the Board of Directors is entrusted with a duty to establish the Bank’s objectives and develop the strategies and polices which direct the Bank’s activities to achieve such objectives. The Board of Directors represents the Bank’s shareholders’ interest in perpetuating a successful business and optimizing long term financial returns while effectively managing risk and ensuring conduct of the Bank’s activities in a Shari'a compliant manner. Directors shall be aware of their fiduciary duties and apply the required skill and care in exercising their duties to the Bank. Directors are accountable to the Bank’s shareholders and can be appointed and removed from office by them.

  3. The Board of Directors is responsible for establishing the Bank’s policies and strategy and for regularly monitoring the effectiveness of the management in carrying out those policies and strategies. Management shall ensure that the Board of Directors is appropriately informed to carry out its duties accordingly.

  4. The interaction between the Bank’s shareholders, Board of Directors and management to determine the direction and performance of the Bank should be governed by good corporate governance which holds management accountable to the Board of Directors and the Board of Directors accountable to shareholders as well as other stakeholders. Therefore, the Board of Directors is ultimately responsible for ensuring that an adequate, effective, comprehensive and transparent corporate governance process is in place.

  5. Effective corporate governance entails the deployment of several key components which govern the operations of the Bank. These include:

    1. Board of Directors and its Sub-Committees;
    2. Shari’a Supervisory Board;
    3. Management Committees;
    4. Board and its Sub-Committees’ Charters;
    5. Management Committees’ Charters;
    6. Code of Conduct;
    7. Key support roles such as Compliance, Risk Management and Internal Audit; and
    8. Related policies and procedures.

    These components are established in line with the applicable regulatory requirements.

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