VCBank is committed to upholding the highest standards of corporate governance in full compliance with relevant governing laws, regulations and international best practice. The Bank has put in place a robust and comprehensive Corporate Governance Framework aimed at ensuring the adoption of the highest standards of ethical conduct, transparent and prudent disclosures, and operational effectiveness; while protecting the rights and interests of all stakeholders.
The Framework has been designed in accordance with the Kingdom of Bahrain’s Corporate Governance Code, issued by the Ministry of Industry, Commerce and Tourism and embraced by the Central Bank of Bahrain (CBB). The adoption and implementation of such regulations, along with the continuous review and adherence to the Bank’s Corporate Governance Framework, is the direct responsibility of the Board of Directors.
KEY PILLARS OF THE CORPORATE GOVERNANCE FRAMEWORK
- A comprehensive set of Charters and Job Descriptions that clearly articulate the roles, responsibilities and mandate of the Board of Directors, Board Committees, the Executive Management and the Control Functions, as well as all other key functions within the Bank.
- A comprehensive set of Policy and Procedures Manuals which navigate the governance culture of the Bank.
- Effective and independent Board Oversight through the formation of four independent Board Committees, and through the Bank’s Control Functions, with clear, direct and independent reporting lines.
- A reputable and independent Shari’ah Supervisory Board.
- A comprehensive annual Self-assessment and Evaluation of the Board and its Committees.
- An effective set of Policies and Procedures to govern the activities of the Bank’s Business Units and Support Functions.
- An up-to-date and adequate formal Succession Plan for the Bank’s key positions.
CORPORATE GOVERNANCE REPORT
To view VCBank’s latest annual Corporate Governance Report, click here.