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About the Bank Learn about the Bank’s strategy Learn about the Bank’s governance policies, practices and standards The Bank’s financial performance Statements from senior decision-makers of the Bank Relationships with customers, business partners and investors The Bank’s environmental and societal commitment

corporate governance

Objectives of corporate governance

The Corporate Governance of a bank consists of two components. The first is the formal, documented structure of laws, procedures, rules, roles and responsibilities. The second is the intangible element of ethics, values, culture, integrity and reputation.

The primary role of governance is to ensure sustainable value creation in the short, medium and long term. But it has also to take into account the need to balance the interests of diverse stakeholders of the Bank – shareholders, customers, employees, regulators, the Government, local communities, the environment and the general public. There are trade-offs between the needs and interests of the stakeholders and a judicious balance needs to be struck between them.

The Bank fully complies with principles of corporate governance for banks operating in Saudi Arabia issued by the Saudi Arabian Monetary Authority (SAMA) in March 2014. The Bank also complies with Basel Corporate Governance Principles for Banks – a best practise adopted by banks globally; and the Corporate Governance Guidance in the Rules Governing Companies issued by the Capital Market Authority (CMA) of Saudi Arabia on 21/7/1427H corresponding to 12/11/2006G and all the subsequent amendments.

General principles

The main principles of corporate governance at SAIB are as follows:

  • The exercise of internal control to support the interests of all stakeholders, driven by the Board and driven by documented guidelines
  • The frameworks, policies, procedures and processes to effectively identify, monitor, and control risks and minimise their impact
  • The timely and accurate flow of information at a sufficient level of detail to internal and external stakeholders including regulators, investors, and employees
  • Demonstrate commitment and follow strong, ethical and effective governance by continuous follow-up and improvement
   
GRI Indicators GRI 102-16, 102-18, 102-19

 

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