The Bank is committed to operating to the highest standards of corporate governance and in this regard has looked to structure a corporate governance framework that complies with good corporate governance practices in Qatar. The Bank has looked to adopt best practices from both the QFC Regulatory Authority’s (A Guide to Corporate Governance for QFC Authorized Firms) and the Qatar Financial Markets Authority’s (Corporate Governance Code for Listed Entities). The business of the Bank is conducted under a corporate governance framework made up of the Board of Directors, the Shari’ah Supervisory Board, the senior executive management and its staff led by the Chief Executive Officer.
General Assembly of Shareholders
The Bank has one Annual General Meeting per year. All other general meetings are referred to as Extraordinary General Meetings.
The Board of Directors is made up of 8 directors. Its members are elected by the shareholders to oversee management and ensure that the interests of the shareholders are being served. The Board of Directors may delegate its powers, authorities, discretions and functions to any committee made of members of the Board on such terms and conditions as it may think fit and in accordance with the Articles.
The Board of Directors has appointed the following Board Committees:
Senior Executive Management
The Chief Executive Officer is appointed by the Board of Directors. He is responsible to the Board of Directors for the general and active management of the business, including overseeing the day-to-day operations of the Bank, and ensures that the resolutions of the Board of Directors and the shareholders are carried out. He has the right to delegate a part of his responsibilities and prerogatives to other employees or officers of the Bank.
Shari’ah Supervisory Board
External Auditors: The accounts of the Bank must be prepared in accordance with the requirements, accounting principles and standards prescribed by the QFCA, the regulations of the QFCA including the QFCRA and as determined by the Board of Directors from time to time. The External Auditors are nominated by the Audit, Risk and Compliance Committee and shall attend the Annual General Meetings.
The Board of Directors shall appoint not less than 3 and not more than 5 Shari’ah advisors selected among experts well-versed in Shari’ah, Islamic transactions and finance, to sit on the Shari’ah Supervisory Board. The appointed advisors shall perform their tasks on a professional and confidential basis while reviewing all practical steps and measures with regard to the activities of the Bank.
Chief Executive Officer
The day-to-day management of the Bank is conducted by the Senior Executive Management which is led by the Chief Executive Officer and who is considered relevant to ensure that the Bank has the appropriate expertise and experience for the management of its business. The Senior Executive Management are also members of management committees which have specific duties and responsibilities such as: Management Committee, Asset & Liability Committee, Product Management Committee, Credit Committee, Investment Committee.