CIB’s Board of Directors has eight standing committees that assist the Board in fulfilling its responsibilities. Accordingly, the Board is provided with all necessary resources to enable them to carry out their duties in an effective manner. Each committee operates under a written charter that sets out its responsibilities and composition requirements:
Supervising the quality and integrity of CIB's financial reporting
The Committee’s mandate is to ensure compliance with the highest levels of professional conduct, reporting practices, internal processes and controls. Consistent with the interests of all stakeholders, the Audit Committee also insists on high standards of transparency and strict adherence to internal policies and procedures. In performing its critical functions, the Committee is cognizant of the important role CIB plays in the Egyptian financial sector as a leader in all of the aforementioned areas.
The Governance and Compensation Committee
Responsibility for corporate governance of CIB as well as Responsibility for the Board's performance evaluation, compensation and succession planning
The Governance and Compensation Committee (GCC) is an integral part of the overall responsibilities of the Board of Directors. As such, and in line with CIB’s corporate governance framework, the GCC is responsible for establishing corporate governance standards, providing assessment of Board effectiveness and determining the compensation of members of the Board. The Committee also determines the appropriate compensation levels for the Bank’s senior executives and ensures that compensation is consistent with the Bank’s objectives, performance, and strategy and control environment.
The Risk Committee
Supervising the management of risk of CIB
The primary mission of the Risk Committee is to assist the Board in fulfilling its oversight risk responsibilities by establishing, monitoring and reviewing internal control and risk management systems to ensure the Bank has the proper focus on risk. It also recommends to the Board the Bank’s risk strategy with all its associated limits.
The Management Committee
Responsible for the execution of the Bank's strategy
The Management Committee is responsible for executing the Bank’s strategy as approved by the Board. It manages the day-to-day functions of the Bank to ensure alignment with strategy, effective controls, risk assessment and efficient use of resources in the Bank. The committee adheres to high ethical standards and ensures compliance with regulatory and internal CIB policies. The committee also provides the Board with regular updates regarding the Bank’s financial and business activity reports as well as any key issues.
The High Lending and Investment Committee
Responsible for asset allocation, quality and development
This is an executive committee currently chaired by the Chairman and Managing director, and composed of other 5 key senior executives. The HLIC is responsible for managing the asset side of the bank's balance sheet in terms of discussing and approving credit and investment decisions of amounts exceeding EGP 5 million. As per its mandate, the committee convened weekly.
The Affiliates Committee (AC)
Established in 2013, the AC's responsibilities include setting affiliates' strategic goals, proposing investment/divestment decisions to the Board, and approving annual/interim reviews, and capital increase/redemption decisions. The committee is composed of an executive board member, as committee chairman, and 4 key senior executives.
Sustainability Advisory Board
The Sustainability Advisory Board, as part of the Sustainability governance (with Sustainability Steering Committee and Sustainability Development department) that was chartered in March 2013, acts on behalf of the Board in all sustainability-related efforts. The Sustainability frameworks, roadmaps, strategies, international affiliations, and initiatives that are developed by the Sustainability Development department are presented for prioritization to the Sustainability Steering Committee to be finally approved by the Sustainability Advisory Board.
The Operations and IT Committee
Responsible for assisting the Board in overseeing Bank operations and technology strategy as well as Operations and Technology Risk
The Committee is appointed by the Board of Directors to assist the Board in its oversight of: - The Bank’s operations and technology strategy and significant investments in support of such strategy and –as well as Operations and Technology Risk.