Good 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 the Bank, and create trust and engagement between the Bank and its stakeholders.
In recent years, the Bank has sought to enhance and improve its standards and framework in line with the guidelines issued by the Central Bank of the UAE. CBI complies with each of 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 accurate and timely disclosure of information, 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 the Bank. The Board responsibilities include establishing the Bank’s strategy and ensuring that the Bank manages risk effectively through approving and monitoring the Bank’s risk appetite. The Board has overall responsibility for the management of the Bank’s activities and affairs. Adoption of Corporate Governance framework falls within the responsibilities of the Board.
Role of Management
The Bank’s Management is led by the Chief Executive Officer (CEO). The CEO manages the business of the Bank and its Subsidiaries (IFB & TRE). There are six Committees to effectively support the Bank’s Management. The roles, responsibilities and authorities of each of these Committees are set out in their Terms of Reference.