CIB’s Board of Directors has eight standing specialised committees, both executive and non-executive, tasked with assisting the Board in decision-making and fulfilling its responsibilities. Accordingly, the Board is provided with all necessary resources to enable members to carry out their duties in an effective manner. Each committee operates under a written charter that sets out its responsibilities and composition requirements and the committees report to the Board on a regular basis. Separate committees may be set up by the Board to consider specific issues when the need arises.
Supervising the quality and integrity of CIB's financial reporting
Established to offer effective oversight of the integrity of the Bank’s financial reporting process, the effectiveness of the Bank’s internal control system and its compliance with all statutory requirements. The committee is also responsible for overseeing and reviewing the performance of the Bank’s internal audit and compliance functions, as well as the work of the Bank’s external auditors to ensure the independence and objectivity of each and the quality of the audit and compliance processes.
Corporate Governance and Nomination Committee
Responsible for CIB’s corporate governance as well as the Board’s Nomination process and succession planning
Established to advise the Board on the general oversight of governance matters to ensure the promotion of a sound governance culture within the Board and the Bank. This entails a periodic review of the Bank’s corporate governance structure and recommending changes, when and if necessary, to the BoD. The committee also sits as the Nomination Committee with the primary objective of setting criteria for selecting new directors and assisting the BoD in identifying individuals qualified to become BoD members and recommending director nominees to shareholders. Also, the committee provides advice and assistance to the BoD, when necessary, with respect to a potential successor to the Bank’s Chief Executive Officer.
Responsible for compensation of the BoD and the Bank’s executive officers
Established to provide guidance to the BoD with regard to the appropriate compensation for the board directors as well as Bank’s executive officers and ensure that compensation is consistent with the Bank’s objectives, strategy and control environment. The committee is to ensure that clear policies for the Bank’s salaries and compensation schemes are in place and that they are deemed effective to attract and retain the best calibres.
Supervising risk management
Established to provide oversight of risk exposure management functions and to assess management compliance to the set risk strategies and policies approved by the BoD through periodic reports submitted by the Risk Management Group. The committee makes recommendations to the BoD with regard to risk management strategies and policies (including those related to capital adequacy, liquidity management, various types of risks: credit, market, operation, compliance, reputation and any other risks the Bank might be exposed to).
Operations and IT Committee
Assisting the BoD in overseeing Bank operations and technology strategy and operations and technology risk
Established to provide oversight of: (a) Bank operations, its technology strategy, and significant investments in support of this strategy and (b) operations and technology risk management.
Responsible for executing the Bank’s strategy
This committee is responsible for formulating fundamental policies and strategic goals, assess the Bank’s performance and its competitive position, and ensuring proper management of the Bank’s human and financial resources to maximise return of equity and preserve shareholders’ value.
High Lending and Investment Committee
Responsible for asset allocation, quality and development
This committee is responsible for managing the Assets side of the Balance Sheet and its provisioning and taking decisions with regards to the assets allocation within the authorities delegated to the committee as stipulated in the Bank’s Credit and Investment Policies.
Responsible for steering and managing CIB affiliates
The committee is responsible for steering and managing the Bank’s affiliates and acting as a think-tank for setting and initiating all strategic goals related to the Bank’s affiliates.