Bank Audi

Committees of the Board of Directors

 
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Members of the Board of Directors serving throughout the year 2016 were elected by a resolution of the Ordinary General Assembly of shareholders held on March 2015 for a three-year term expiring on the date of the annual Ordinary General Assembly meeting (expected to be held in March 2018) that will examine the accounts and activity of the year 2017.

The Ordinary General Assembly held in March 2017 considered the appointment of two new members in the Board of Directors, in addition to adopting the segregation of duties principle through segregating between the authorities and duties of the Chairman of the Board and the Managing Director to cope with international standards and best practices for effective Corporate Governance.

The structure of the Board of Directors serving at the date of this report is as follows:

Executive Members Audit Committee Risk Committee Corporate Governance &
Nomination Committee
Remuneration Committee
Mr. Hatem A. Sadek
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(Chair)
Mr. Mohamed M. Bedeir
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Mr. Samir Hanna
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Dr. Imad I. Itani
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(Chair)

(Chair)
Mr. Khalil El Debs
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Mr. Tamer Ghazaleh
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(Chair)



Non-Executive Members (Independent) Audit Committee Risk Committee Corporate Governance & Nomination Committee Remuneration Committee
Mr. Mounir Fakhry AbdelNour
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Audit Committee
The mission of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities as regards (i) the adequacy of accounting and financial reporting policies, internal control and the compliance system; (ii) the integrity of the financial statements and the reliability of disclosures; (iii) the appointment, remuneration, qualifications, independence and effectiveness of the external auditors; (iv) and the independence and effectiveness of the internal audit function1.

1It is not the duty of the Audit Committee to plan or to conduct audits or make specific determinations that the Bank’s statements and disclosures are complete and accurate, nor is it its duty to assure compliance with laws, regulations and the Bank’s Code of Ethics and Conduct. These are the responsibilities of Management and of external auditors
Corporate Governance, and Nomination Committee
The mission of the Corporate Governance and Nomination Committee is to assist the Board of Directors of Bank Audi in maintaining an effective institutional and corporate governance framework for the Bank, an optimal board composition, and effective board process and structure.
Remuneration Committee
The mission of the Remuneration Committee is to assist the Board of Directors of Bank Audi in maintaining a set of values and incentives for Bank executives and employees that are focused on performance, and promote integrity, fairness, loyalty and meritocracy.
Risk Committee
The mission of the Risk Committee is to assist the Board in discharging its risk-related responsibilities. The Committee is expected to Provide a Board-level forum to oversee the Bank’s risk culture and review the effectiveness of risk identification and management including the structures, processes and management systems within the overall risk management framework.