United Arab Bank (UAB) has a strong commitment to building robust corporate governance frameworks, and to increasing the transparency and disclosures on the quality of the Bank's assets and the manner in which the business of the bank is managed. The organization and structure of the Board of Directors and Executive Management, with clearly differentiated roles and responsibilities, is aligned to best practices for protection of the interests of depositors, shareholders, creditors, employees and other stakeholders.
The governance structure and policies at UAB are being enhanced, to enable the Board of Directors to maintain effective and regular oversight over the risks inherent in the business of the Bank. The Board approves strategic objectives, appropriate risk strategies, policies and procedures, and ensures that business plans, budgets, and risk appetite are properly aligned with the size, volume and range of business activities. The Board also has the responsibility to set corporate governance values, codes of conduct, and standards of compliance with banking laws and regulatory guidelines.
Board level committees meet with UAB Management at regular intervals, to monitor and evaluate the bank's financial performance and risk exposures, as well as new business and products. The Board has oversight responsibility for ensuring the quality and integrity of accounting, auditing, internal control, and external financial reporting, as well as ethical practices and transparency in business processes and financial reporting. The Board also plays an important role in the selection, compensation structures and performance evaluation of key senior management executives.
UAB management has strengthened systems and resources in the following areas of risk governance: Asset & Liability Management, Risk Management, Organizational Planning, IT, Compliance, Legal, etc . Policies have been enhanced and documented and management committees have been established to ensure that procedures and practices meet the highest standards for risk governance and transparency.
