Corporate Governance

To ensure a diligent fulfillment of its responsibilities, the Board of Directors has established sub-committees, mainly the Executive Credit Committee, the Senior Credit Committee and the Retail Credit Committee. These Committees are responsible for monitoring the overall credit function as well as providing a forum for discussion and resolution of encountered credit issues. All three Committees include the CEO and members of the Senior Management.

Moreover, several other committees were appointed to support the Board of Directors in fulfilling its roles and responsibilities:

Senior Management Committee (SMC)

The Senior Management Committee (SMC) oversees and runs the operational activities of the Bank. The main roles and responsibilities of the Committee include:

• Proposing a strategic business plan
• Reviewing the organizational structure of the Bank
• Suggesting the establishment of various committees and approving their responsibilities, authorities and members
• Reviewing all banking operations, suggesting possible improvements, and approving operational manuals
• Assessing all operational and technical needs and providing recommendations
• Appraising all current personnel and suggesting the filling of apparent gaps
• Recommending A and B signatures for staff
• Suggesting the annual increase in salaries
• Studying the exceptional projects that have a cost exceeding the limit of the purchasing committee
• Studying and recommending the annual budget
• Following up on the implementation of the strategic business plan

Asset Liability Management Committee (ALCO)

The Asset Liability Management Committee’s main functions consist in managing and controlling liquidity, interest rate and foreign exchange risks, as well as capital adequacy issues arising from the Bank’s lending, funding, and investment activities. The Committee comprises of the Bank’s senior management, including the Chairman.

IT Security Committee

The IT Security Committee serves as a department-wide forum for sharing information, advising on issues of security, and providing recommendations related to the Bank’s Information Technology (IT) security responsibilities and activities that impact the business operations.

Purchasing Committee

The primary role of the Purchasing Committee is to maintain and monitor the Bank’s contracts, to oversee the Bank’s procurement processes, to evaluate rate requests, and to conduct an annual review of corporate contracts and documents.

Human Resources Committee

The Human Resources Committee works closely with the Management, assisting it in carrying out its duties related to the compensation of the Bank’s executive officers, key executives, and staff, as well as the annual performance evaluations of the Bank’s executive officers.