BSL implements a corporate governance culture as a pivotal part of its internal system. Thus, it encompasses policies, processes, and BSL team members. This serves in directing and controlling management activities with good business knowledge, objectivity, integrity and a vision to achieve long-term strategic goals that satisfy customers, shareholders and employees, while maintaining ethical business conduct.
The board and management believe that reporting results with accuracy and transparency and maintaining full compliance with laws, rules, and regulations governing the bank’s operations promote the interests of all bank’s stakeholders. Thus, BSL believes that corporate governance is maintained, and that the reliance on a board culture afeguards procedures and promotes fair professional conduct.
The Board of Directors and Corporate Governance Committees
- BSL is governed by a Board of Directors elected by the general assembly for a three-year mandate. The Board of Directors’ chief responsibility is to provide efficient governance over the bank’s operations for the benefit of its stakeholder, and in the interests of its customer base. The board meets at regular intervals throughout the year. It has the ultimate responsibility of setting long-term strategic and business objectives, overseeing the bank’s internal control systems, and ensuring that appropriate resources are in place to enable the bank to meet its objectives.
- An Audit and Risk Committee supports the Board of Directors in fulfilling the bank’s duties and guaranteeing smooth operations.
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The main function of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities by monitoring and assessing:
- The integrity of consolidated financial statements, disclosures of financial conditions, and the results of operations and cash flows.
- Compliance of our processes with legal requirements & regulations and especially the Anti Money Laundering regulations.
- Qualifications, independence and performance of external auditors and of internal audit.
- The adequacy of financial reporting processes and systems of internal accounting and financial controls.
Furthermore, the committee is regularly informed about significant projects aimed at further improving such processes and receives regular updates onmajor litigation matters and significant regulations.
The function of the Risk Committee is supervision and control of the risks to which the bank is exposed. The Risk Committee assists the Board of Directors in fulfilling its responsibilities related to the risk monitoring by executing the following:
- Review the policies & procedures related to different risks & make recommendations to the Board of Directors regarding all its risk-related responsibilities.
- Review the major risk management & capital adequacy requirements prepared by the risk manager and the risk management unit.