In accordance with the Bank’s articles of association, the Bank’s Board of Directors comprises 11 Directors – 10 of the Directors are non-executive Directors elected or appointed by the Bank’s shareholders, and the CEO serves on the Board as an Executive Director.
The Board considers that there is an appropriate balance of executive and non-executive Directors on the Board and that the size and balance of the Board is appropriate.
The majority of the Directors are UAE nationals, as per the requirements of the Federal Commercial Companies Law and the Bank’s articles of association. Collectively, the Board possesses knowledge, experience and skills appropriate for the Bank.
The Board maintains awareness of the other commitments of its Directors and is satisfied that these do not conflict with their duties and time commitments as Directors of the Bank.
The roles of the Chairman and the CEO are separate and each is held by a suitably experienced individual. There is a clear division of responsibilities between the respective roles and responsibilities of the Chairman and the CEO. The Chairman’s main responsibilities include:
- To lead the Board and ensure the effective engagement and contribution of all Directors, so that the Board may fully discharge its legal and regulatory responsibilities;
- To ensure effective communication with shareholders and ensure that the Board members understand the views of the major shareholders;
- To oversee the annual performance evaluation of the Board and individual Directors;
- To develop a constructive relationship with the CEO and to manage his performance.
The day to day management of the Bank has been delegated by the Board to the CEO and the senior management team. The CEO and his senior management team are responsible for controlling and monitoring the Bank’s business on a day to day basis, recommending strategy to the Board, managing the Bank’s staff and implementing the Board’s strategic and operational decisions.