al khaliji

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corporate governance

Our people and our customers expect the very best. We are aiming to build our bank on the very best of foundations and, as such, our corporate governance is much more than just a mere statement of compliance.

We believe that a good corporate governance framework promotes transparent and efficient systems and processes, consistent with the rule of law, and clearly set out responsibilities, while recognizing the rights of stakeholders. We are therefore putting in place a corporate governance structure in accordance with international best practice founded on OECD principles and Basel II banking regulations. In addition to the full Board of Directors, al khaliji has established five Board committees: audit committee, compliance and risk committee, corporate governance & nomination committee, remuneration committee, executive committee

These committees have terms of reference which have been approved by the Board of al khaliji. Each of the committees is attended by the relevant Board members who have the requisite skills, experience and technical knowledge to perform their roles.

  • al khaliji is being designed to operate to international standards

    • Basel Committee Governance Principles for Banks
    • Anti-Money Laundering and Anti-Terrorism Financing
    • International Financial Reporting Standards
    • International Audit Standards International Project Management Standards (Prince2 project management method)
    • Strategy Map and Balanced Scorecard Performance Management System
    • Staff Incentive Structure
    • Diversity and Quality of Staff

  • auditors

    external auditors:

    al khaliji's shareholders re-appointed Deloitte & Touche as the external auditors of the Bank for the year 2011. Subsequently, the Board Audit Committee approved the annual plan presented by the external auditors together with a policy that sets the principles for appointment of the external auditors and their functions and obligations.

    al khaliji obeys all applicable standards with regard to the external auditors. Deloitte meets regularly with the Board Audit Committee on a quarterly basis to share their views on the control and governance environment and management's effectiveness within it.

    internal audit:

    al khaliji has an independent internal audit function. The Group Head of Internal Audit is appointed by the Board and has a direct reporting line to the Board Audit Committee.

    The independent audit function regularly evaluates operational procedures and advises senior management and the Board of any potential problems.

    audit committee:

    The audit committee assists the Board to execute its statutory and fiduciary responsibilities for the oversight of al khaliji internal audit, external audit, and internal control management. The committee is chaired by an independent director.

    The committee's role as set out under its terms of reference is to:

    • Review the integrity of al khaliji's financial reporting
    • Ensure the independence and effectiveness of al khaliji's internal audit functions
    • Review the adequacy and effectiveness of al khaliji's controls in respect of financial accounting and reporting
    • Oversee the selection and compensation of al khaliji's external auditor for appointment and approval by the shareholders and ensure the external auditor's independence
    • Review the adequacy and effectiveness of al khaliji's internal control methodology.

  • internal control review

    al khaliji Board attaches great importance to maintaining a strong control environment and the scope covers all controls, including financial, operational, compliance and risk management.

    Day-to-day responsibility for internal control rests with management which includes putting in place policies and procedures, and a process of identifying, evaluating and managing risks faced by the bank.

    The internal audit division, as part of its audit plan, independently reviews the adequacy and effectiveness of the internal control system. This review includes an assessment of the risks and controls in each operating unit and process, and matters arising from there are required to be reported to the audit committee.

  • risk management

    We acknowledge that certain risk factors (credit, market, operational and liquidity risks) could affect our future results. We manage these risks by a team of global professionals with over 100 years experience between them using Basel II compliant and international standard policies and instructions and world class al khaliji technology.

    credit risk
    We manage our credit risk exposure by diversifying our lending activities, avoiding concentrating risk within individuals, groups, or customers in specific locations or businesses.
    market risk
    We measure and manage the market risks of interest rates, equity prices, currency and commodity prices by establishing limits on our level of exposure to these risks.
    operational risk
    We have put in place a comprehensive set of policies and instructions to control and manage operational risks throughout all aspects of our operations.
    liquidity risk
    Our risk control procedures take into account all current and anticipated future risks with regard to liquidity as not being able to meet funding requirements is an issue of global concern. So far there has been little exposure to the US led credit crunch within the Gulf regions however our risk control procedures have been raised as a precaution.

  • policies

  • corporate calendars

  • organizational chart

    click here to view al khaliji organizational chart

  • company secretary

    Rima Boutros


    Company Secretary

    Telephone: +974 4494 0728
    Fax: +974 4499 6020
    Email: rboutros@alkhaliji.com

    		   Rima Boutros
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