Corporate

Corporate Governance

Corporate Governance Mission

MEAB SAL seeks the high standards of corporate governance and ethical conduct. Maintaining full compliance with the laws, rules and regulations related to our businesses and reporting results with accuracy and transparency are considered basic standards that govern MEAB daily activities.

Corporate Governance Code

The Board of Directors has implemented a Corporate Governance Code, which was developed in line with the standards issued by the central bank of Lebanon and the supervisory regime as well as the international best practices. This framework promotes fair relationship between the Bank’s Management, its Board of Directors, its Shareholders and other Stakeholders.

MEAB’s corporate governance is designed to enhance the performance of the bank. By establishing and maintaining a corporate culture that motivates directors and managers to maximize MEAB’s operational efficiency, MEAB is able to ensure a strong return on investment and long-term growth while ensuring the bank’s compliance to the required laws.

Governance Framework

The governance framework is based on strong and transparent principles necessary to create confidence and credibility of the bank. Part of this transparency includes providing the mechanisms to monitor the behavior of directors and managers through corporate accountability that in turn safeguards the investor’s interest.

Effective communication across bank’s departments and branches is also crucial to widen corporate governance practices throughout our bank. Open communication is an essential part of the bank’s governance principles to ensure full compliance, risk management and transparency.

Governance Structure

MEAB Corporate Governance structure includes the Board of Directors; the Chairman; the various committees; Control functions; the External Auditors; Senior Management and various Business and Support units. It is worth mentioning that a well-organized framework for the assignment of responsibility and accountability is the main aim of this structure.

Board of Directors

The Board bears overall accountability for the performance of the Bank. The Board of Directors’ primary responsibility is to provide effective governance over the Bank’s affairs for the benefit of its shareholders, and to balance the interests of its stakeholders, including its customers, employees, suppliers, and local communities.

The Board delegates to the general manager and through that individual to other senior management, the authority and responsibility for managing the bank’s business. The Board’s role is to oversee the management and governance of the bank and to monitor senior management’s performance.

Committees:

MEAB has 17 committees that oversee various aspects of the bank’s business. These committees are:

  1. Senior Management Committee
  2. Senior Audit Committee
  3. Remuneration Committee
  4. Senior Risk Committee
  5. Senior Credit Committee
  6. Assets and Liability Committee -ALCO
  7. Compliance and Anti-Money Laundering Committee
  8. FATCA Committee
  9. Risk Management Committee
  10. Credit and Follow-up Committee
  11. Small Loans and Retail Committee
  12. Small Commercial Loans Committee
  13. Purchasing Committee
  14. Human Resources Committee
  15. Fixed Assets Committee
  16. IT Security Committee
  17. IT Committee

A group of the above-mentioned committees regularly report to the board on governance priorities to keep all members apprised of strategic priorities.

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