Corporate Governance Report
1. Audit & Compliance Committee
Composition as at 31 December 2011:
Mohamed Al Khoori (Chairman), Khalid Deemas Al Suwaidi, Mohamed Esmaeel AlFahim, Salem Al Ameri Secretary: Rami Raslan
Composition as at 31 December 2011:
Mohamed Al Khoori (Chairman), Khalid Deemas Al Suwaidi, Mohamed Esmaeel AlFahim, Salem Al Ameri Secretary: Rami Raslan
Statement from the Chairman of the Audit & Compliance Committee
The Committee held 11 meetings in 2011, during which the Committee worked on the following matters:
The Committee regularly met separately with the external auditor and internal auditors in the absence of the Bank’s management.
In addition, the Committee discussed with senior management matters relating to the Bank’s investment and credit portfolios along with provisions adequacy, geographical exposure, liquidity, capital planning, budgeted versus actual performance, growth strategy, asset liability management, and Central Bank and other regulatory agencies’ reports. The views of the external and/or internal auditors were solicited on these matters.
Mohamed Al Khoori
Chairman of the Board’s Audit & Compliance Committee
During 2011, the Audit & Compliance Committee (the Committee) was composed of four non-executive Directors, the majority of whom were considered by the Bank to be independent. The Chairman of the Committee was an independent Director with relevant qualifications and experience in finance.
The Committee held 11 meetings in 2011, during which the Committee worked on the following matters:
- overseeing the financial reporting and disclosure process
- monitoring the choice of accounting policies, principles and judgements
- discussing the annual audited financial statements with management and the external auditor and, in particular, considering the appropriateness of the Bank’s specific and general provisions
- overseeing regulatory compliance and development of the Bank’s compliance function
- monitoring internal controls
- approving the annual audit plan
- overseeing the performance and activities of the internal audit function
- evaluating the external auditor’s qualifications, performance, and independence
- discussing risk management policies and practices with management
- reviewing audit issues raised by the external auditor and management’s responses
- reporting regularly to the Bank’s Board of Directors
The Committee regularly met separately with the external auditor and internal auditors in the absence of the Bank’s management.
In addition, the Committee discussed with senior management matters relating to the Bank’s investment and credit portfolios along with provisions adequacy, geographical exposure, liquidity, capital planning, budgeted versus actual performance, growth strategy, asset liability management, and Central Bank and other regulatory agencies’ reports. The views of the external and/or internal auditors were solicited on these matters.
Mohamed Al Khoori
Chairman of the Board’s Audit & Compliance Committee