BBK annual report eng 21.5.5

More documents

Recommendations

Info

Senior Human Resources CommitteeThe Senior Human Resources Committee is responsible for the optimisation of human capital in the Bank through the establishment of appropriatepolicies, procedures and guidelines for the management of human resources.Provision CommitteeThe Provision Committee reviews and decides on the Bank's provisioning requirements for loans and advances, and investments.Risk Management CommitteeThe Risk Management Committee is responsible for the identification, measurement, monitoring and control of risk; establishment of risk policies andprocedures in pursuit of adopting best risk management practices is also part of its scope of work.Strategy Review CommitteeThe Strategy Review Committee reviews and monitors progress on strategic initiatives.IV. Compliance and Anti Money LaunderingCompliance with regulatory and statutory provisions is of paramount importance. The Bank has established a Compliance Unit to act as the focalpoint for implementing local regulatory and statutory requirements. Anti Money Laundering forms an important area of the compliance function,besides areas of corporate governance, disclosure standards, adherence to best practices and conflicts of interest.The Bank has sound Know Your Customer policies, procedures for identifying and reporting suspicious transactions, a programme for periodicawareness training to staff, a designated Money Laundering Reporting Officer; and has taken other initiatives in keeping with Anti Money LaunderingRegulations of the Bahrain Monetary Agency. The Bank’s Anti Money Laundering measures are annually audited by independent auditors. Theoverseas branches in India and Kuwait and its subsidiary (Credimax) have designated compliance and MLRO functions to ensure implementation oflocal stipulations and to meet the minimum requirements of Bahrain Monetary Agency.The Bank is committed to combating Money Laundering and, towards this end, implements all 'Prevention of Money Laundering Regulations' andother guidelines issued by the Bahrain Monetary Agency. These regulations and guidelines are consistent with the FATF recommendations, theCustomer Due Diligence for Banks’ paper and best international practices.V. Code of ConductThe Bank’s Code of Conduct covers the conduct of BBK directors. The code binds signatories to the highest standards of professionalism and duediligence in the performance of their duties. It also covers conflicts of interest, disclosure and the confidentiality of insider information.Board members are bound by specific regulations relating to insider trading and are required to disclose details of their shareholdings in the Bank.VI. Communication StrategyThe Bank endeavours to communicate to its stakeholders by means of internet (www.bbkonline.com) and/or local newspapers for all material eventswhich merit announcements.VII. Incentive SchemeAs part of the Bank's incentive and compensation policy the group has an Employee Shares Option Scheme, under which certain categories ofemployees are notionally allotted specified number of share, at a grant price, with a defined resting period. On completion of the resting period theemployee can exercise his option.
Board of DirectorsGeneral ManagerChief Executive OfficerSubsidiaries:Board SecretariatBankingGroupShared ServicesGroupRisk ManagementCrediMaxInternal AuditCredit ManagementBusiness DevelopmentInformation TechnologyBoard Committees:InsidersRetail BankingFinancial Control& PlanningAl Khaleej IslamicInvestment BankExecutiveAuditCorporate &International BankingHuman Resources& AdministrationStrategyCompensationTreasury & InvestmentOperationsBBK FinancialServices CompanyManagement Committees:Overseas BranchesAsset & Liability ManagementSenior Human ResourcesElectronic BankingProvisionRisk ManagementStrategy and FinanceVIII. Organisational StructureDuring 2004, the organisational structure was amended by dividing the Treasury, Investment & Overseas Branches division into two divisions, namelyTreasury & Investment, and Overseas Branches, as illustrated in the diagram above.IX. Directors’ ProfilesMurad Ali MuradChairmanChairman of the Strategy Committee, the Audit Committee and theCompensation CommitteeBoard Director- Bahrain Telecommunications Company (Batelco);Board Director- Bahrain Commercial Facilities Co. (B.S.C.); BoardDirector - Bahraini Kuwaiti Insurance Co. (B.S.C.); Deputy Chairman ofHousing Bank; Member - Council of Vocational Training in Banking Sector;Deputy Chairman - Board of Trustees of Ibn Khuldoon National School;Chairman Board of Trustees of Human Resources Development FundBanking & Financial SectorJassem Hasan Ali ZainalDeputy ChairmanMember of the Executive Committee, the Strategy Committee and theCompensation CommitteeCorporate Secretary and General Manager, Investment – Gulf Bank,Kuwait; Member of International Fund Managers Ltd.Rasheed Mohammed Al-MarajBoard DirectorChairman of the Executive Committee and member of theStrategy CommitteeChief Executive Officer – Arab Petroleum Investment Corporation,Kingdom of Saudi Arabia; Chairman – Bahrain TelecommunicationsCompany (Batelco); Member – Economic Development Board.Yacuob Yousef Al FulaijBoard DirectorDeputy Chairman of the Executive CommitteeDirector – National Bank of Kuwait.Mohammed SalahuddinBoard DirectorChairman – Mohammed Salahuddin Consulting Engineering Bureau;Board Member – Bahrain Water Bottling and Beverages Company(Closed) B.S.C.; Board Member – Sunni Waqf Directorate;Board Member – Bahrain Businessmen's Association.Hamad Ahmad Al BusairiBoard DirectorMember of the Executive Committee and the Compensation CommitteeSenior Investment Manager – Kuwait Investment Authority, Kuwait;Board Director – Kuwait Investment Company.Abdulla Mohammed Al SumaitBoard DirectorMember of the Audit CommitteeDeputy Chief General Managers – Al-Ahli Bank of Kuwait; Chairman – Unionof Kuwaiti Banks; Director – Credit Information Network Company (K.S.C.C.).Shaikh Mohammed bin Isa Al KhalifaBoard DirectorMember of the Executive CommitteeDirector – Finance and Investment (GOSI),Chairman – Securities andInvestment Company; Director – Bahrain Commercial FacilitiesCompany; Director – National Motor Company; Director – Bahrain StockExchange; Director – Bahrain Telecommunication Co.; Director – BahrainAnnual Report 2004 28 | 29
Page 1 and 2: Annual Report2004
Page 3 and 4: Our VisionBank of Bahrain and Kuwai
Page 5 and 6: Financial Highlights2000 2001 2002
Page 7 and 8: Chairman’s StatementFinancial per
Page 9 and 10: AppreciationOn behalf of the Board
Page 11 and 12: Hamad Ahmad Al BusairiDirectorMoham
Page 13 and 14: 95%Bahrainisation levelBBK became t
Page 15 and 16: CustomersTo meet the challenges pos
Page 17 and 18: 34%Utilization in internet home ban
Page 19 and 20: Abdul Karim Ahmed BucheeryAmit Kuma
Page 21 and 22: Operating expensesTotal operating e
Page 23 and 24: Treasury bills and inter-bank depos
Page 25 and 26: Liquidity riskLiquidity risk is def
Page 27 and 28: Additional DisclosuresI. Corporate
Page 29: 9. DutiesThe Committee shall:9.1. D
Page 33 and 34: XII. Disclosure Standards Requireme
Page 35 and 36: Consolidated Financial Statements34
Page 37 and 38: Consolidated Income StatementYear e
Page 39 and 40: Consolidated Statement of Changes i
Page 41 and 42: 3 Significant accounting policies (
Page 43 and 44: 3 Significant accounting policies (
Page 45 and 46: 6 Loans and advances to customers20
Page 47 and 48: 7 Non-trading investment securities
Page 49 and 50: 16 Cumulative changes in fair value
Page 51 and 52: 22 Segmental information (continued
Page 53 and 54: 25 DerivativesIn the ordinary cours
Page 55 and 56: 26 Commitments and contingent liabi
Page 57 and 58: 30 Interest rate risk management (c
Page 59 and 60: 30 Interest rate risk management (c
Page 61 and 62: 33 Liquidity risk (continued)As of
Page 63: 39 Deposit protection schemeDeposit

BBK annual report eng 21.5.5

Create successful ePaper yourself

Delete template?

Save as template?