CIB’s Board of Directors has seven 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
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 Board 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.
Supervising risk management
The primary mission of the Board 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 Bank's risk strategy and associated limits to the Board.
Responsible for compensation of the BoD and the Bank’s executive officers
The Board Compensation Committee 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 committee is responsible for providing assessment of Board effectiveness, and determining the compensation of Board members. 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.
Corporate Governance and Nomination Committee
Responsible for CIB’s corporate governance as well as the Board’s Nomination process and succession planning
The Committee provides advice to the Board concerning the general oversight of governance matters to ensure promoting sound governance culture within the Board and the Bank. Another primary objective of the Committee is to set criteria for selecting new directors and assisting the Board in identifying individuals qualified to become Board Members and recommending directors nominees to the shareholders.
Operations and IT Committee
Assisting the BoD in overseeing Bank operations and technology strategy and operations and technology risk
This Committee is appointed by the Board of Directors and assists Board members in their oversight of Bank operations and technology strategy, significant investments to support that strategy, and operations and technology risk.
Responsible for executing the Bank’s strategy
This Executive Committee is responsible for executing the Bank's strategy as approved by the Board. It manages the Bank's day-to-day functions to ensure alignment with strategy, effective controls, risk assessment, and efficient use of Bank resources. 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 on the Bank's financial and business activities, as well as any key issues.
High Lending and Investment Committee
Responsible for asset allocation, quality and development
This Executive Committee is responsible for managing the assets side of the balance sheet and keeping an eye over asset allocation, quality, and development. As per its mandate, the High Lending and Investment Committee convened weekly.