CORPORATE GOVERNANCE
The improvement of corporate governance is a fundamental project to enhance an enterprise core competitiveness and also a cornerstone to sustain the continual development of a bank.
On October 27, 2010, with the simultaneous listing in UAE, our bank realized the historical transformation from a state-owned commerce bank to a joint-stock commerce bank, and then to the internationally public company. Pursuant to the regulations of the Company Law, the Securities Law and other prevailing laws and regulations in UAE as well as the basic requirements of modern financial enterprise system, our bank has in place a modern corporate governance structure comprising of the shareholders’ general meeting, the board of directors, the board of supervisors and the senior management, and has preliminarily established an operation mechanism characterized by scientific decision-making, forcible implementation and effective supervision between the power organ, the decision-making organ, the supervisory organ and the management.
At present, our bank has appointed a chairman and a president; and the board of directors, the board of supervisors and the senior management have respective specialized committees. The functions and powers of the shareholders’ general meeting, the board of directors, the board of supervisors and the senior management are explicitly divided and prescribed. The board of directors, the board of supervisors and the senior management exercise their respective powers and fulfill their respective functions in strict accordance with the articles of association and the procedural rules, and are put under effective check and balance, and mutual coordination. They diligently devote great efforts to improve the corporate governance, enhance risk management and internal control, and improve the operations management level and operating results, with a view to creating continuously outstanding return for shareholders.
The corporate governance structure of our bank is presented as follows:
