Bank Audi Egypt takes its responsibility to create value for the community and all of our stakeholders very seriously. To demonstrate this, the Board of Directors and Bank Audi Management are committed to leadership when it comes to sound governance, which they consider as the defining element of the bank's identity and corporate culture. The Board recognizes sound Corporate Governance to be the foundation of a well-managed institution and the key driver of sustainable growth. In this pursuit, the Bank has streamlined its governance structures and processes in all areas of its business to ensure integrity and fair dealings in all its activities.
Bank Audi has designed policies and procedures in line with the highest standards of ethical business conduct, transparency, corporate accountability and professionalism in an effort to enhance business prosperity and safeguard the interests of all stakeholders. To this end, the bank fosters a culture of openness by promoting its values and Code of Ethics to its employees and all other stakeholders. Bank Audi also applies this to its practices, in which debate and constructive criticism are encouraged and the appropriate system for reporting misusage of authority and improper activity is established. Herein, the Bank adopts a zero-tolerance policy towards those who violate the Code of Ethics and conduct.
One way we sought to build on and preserve this culture is by issuing the Corporate Governance Guidelines, which were approved by the Board of Directors on March 18, 2013 and are being regularly reviewed to ensure alignment with the latest regulations and sound governance practices. The Corporate Governance Guidelines constitute a key building block of the Bank’s governance framework. They are comprehensive and address matters such as Board responsibilities, structure (composition and size) and functioning, Directors' qualifications and independence, the Board’s access to members of Management, as well as remuneration and nomination principles.
Pursuant to this approach, the Corporate Governance framework guides value-driven decision-making and control of Bank Audi Egypt through a system that is defined by the following elements:
- Strategic oversight
- Operational planning
- Risk management and compliance
- Financial management and reporting
- Performance-related compensation
The Bank’s approach to corporate governance practices is in line with The Central Bank of Egypt’s Corporate Governance regulations issued in 2011 and in accordance with the principles of sound governance practices set out in Audi Group’s Corporate Governance Guidelines.
Key documents and policies which form part of the Corporate Governance framework and highlight the Bank’s significant commitment to corporate governance are set out below.
Corporate Governance Guidelines Code of Ethics
Conflict of Interest Policy
Bank Audi values social responsibility and focuses on active involvement in the community in which it operates. It plays a proactive, cooperative and collaborative role in society aiming at contributing to the enhancement of quality of life, ensuring the well-being of the general public, bringing about cultural advancement and making the community a better place to live and conduct business.
Whistle Blowing Policy
Conflicts of interest may arise when one’s personal interest in a transaction comes in conflict with his/her obligation to serve the Bank’s best interest. It is the Bank’s policy to act in a way to avoid conflicts of interest or the appearance of conflicts of interest in personal and business activities.
Bank Audi Egypt is committed to maintaining the highest possible standards of ethical and legal conduct within the Bank.
In line with this commitment, it has adopted the present Policy in order to provide an avenue for raising concerns related to Fraud, Corruption or any other Misconduct and to ensure that persons who report information relating to fraud, corruption or any other misconduct will be protected from retaliation, victimization or any kind of disadvantages.
Bank Audi Egypt is committed to providing timely, accurate, and balanced disclosure of all information, the disclosure of which is requested by Law or is beneficial to the Bank’s depositors, borrowers and stakeholders in a way to ensure they are continuously and reliably informed about the status of the Bank’s affairs. This Disclosure Policy translates the Bank’s commitment to transparency in our reporting obligations to our shareholders and the public.
Bank Audi Egypt will make disclosures of information on periodic basis or upon the occurrence of certain events. In doing so, it will take reasonable care to ensure that all disclosures are disseminated to as wide a public as possible, are not misleading, false or deceptive and do not omit any relevant material information.