Corporate Governance

Committees of the Board

BCN’s Board Committees constitute an important element of our corporate governance framework and comprises members of the Board of Directors. Mandated to assist the entire Board in carrying out its advisory and oversight functions, the Board Committees and the Executive Level Committees were established with a clearly defined and agreed-on scope of authority.

Audit Committee

The Audit Committee is appointed by the Board of Directors to assist the Board in fulfilling its oversight role regarding the financial reporting process, the system of internal control and risk management, the audit process, as well as the establishment and maintenance of effective corporate governance policies and procedures. The Committee is composed of independent and Non-Executive Directors.

Risk Management Committee

The Risk Management Committee is primarily responsible for performing centralized oversight, identifying and managing risks emerging from inadequate or failed processes, human factors, or external events that might threaten the business. This Committee ensures that regular risk assessments are conducted and monitors the whole risk management process.The Risk Management Committee is composed of 3 independent non-executive board members.

Compliance and AML/CFT Committee

The Compliance and AML/CFT Committee assists the Board in its oversight of regulatory, compliance, and legal matters and ensures the effective application of the Bank’s compliance systems.

The Committee’s primary duties and responsibilities are:

  • Reviewing the guide for implementing the provisions of the law on fighting money laundering & countering terrorist financing and the provisions of these regulations;
  • Ascertaining the proper implementation and effectiveness of the AML/CTF procedures and regulations;
  • Periodically reviewing the AML/CTF procedures and regulations and providing the related Board Committee with recommendations to develop them in line with the latest best practices;
  • Reviewing the reports submitted by the Compliance Unit and the Internal Audit Unit on adopted procedures, unusual operations and high-risk accounts, regarding certain activities.

Remuneration Committee

The Remuneration Committee plays an active role in the areas of Human Resources and Compensation. The Committee focuses on matters of development, succession planning, and remuneration of senior executives/staff and the identification, oversight, and management of risks related to the compensation policies and practices of the Bank. The Committee assists the Board of Directors in establishing the remuneration and benefit plans for the workforce of the Bank. It is also responsible for the executive compensation disclosure, as well as other duties delegated by the Board.