The Board Committees include the: Audit Committee, Risk Committee, Remuneration Committee, Compliance and Combatting Financial Crimes Committee, as well as the Corporate Governance and Nomination Committee.
The Audit Committee assists the Board in the proper discharge of its duties, especially those related to selecting and enhancing the qualifications and independence of external and internal auditors, fairness of the financial statements and related disclosures. This Committee is also entitled to ensure compliance with applicable laws and regulations.
The Risk Committee assists the Board of Directors in fulfilling its tasks and supervisory role in properly applying the Bank's Risk Management framework as stipulated in the regulations issued by BDL and the Banking Control Commission of Lebanon (BCCL) Circulars.
As per BDL Circular No. 133, the Bank established a Remuneration Committee for the purpose of setting the remuneration principles and standards for Bankmed’s staff of all levels. The Committee also oversees the proper implementation of both the remuneration principles and remuneration framework.
As per the amendments of BDL Circular No. 83, the Bank established the Compliance and Combatting Financial Crimes Board Committee to support the Board of Directors in its functions and supervisory role with respect to fighting money laundering and terrorist financing and understanding the related risks, and to assist it with making the appropriate decisions in this regard.
The Bank also established a Corporate Governance and Nomination Committee to oversee the corporate governance of the Bank.
The Board and its relevant Committees meet regularly with the Heads of Internal Audit, Risk and Financial Control to review policies and to ensure that control functions are properly staffed and that their responsibilities are carried out effectively. The Board, through its Committees and Senior Management, assesses the quality of Corporate Governance at the Bank on an ongoing basis. The assessment is based on the reviewed results of the activities at the Bank, completed by all control units and by the Bank’s independent examiners.
