Corporate Governance
Corporate governance at Bank of Palestine reflects a firm commitment to global best practices that promote transparency, fairness, accountability, and sustainability. This commitment strengthens the confidence of shareholders, customers, investors, and all other stakeholders.
The Corporate Governance Code is based on an integrated framework of policies and procedures that govern the Bank’s operations, support effective oversight, and promote sound management practices to achieve sustainable growth and maximize long-term shareholder value.
Corporate Governance Principles
- Accountability: Enabling shareholders to hold the Board of Directors and Executive Management accountable for the Bank’s performance and strategy.
- Fairness: Protecting the rights of all shareholders and ensuring equal treatment, including minority shareholders.
- Transparency: Ensuring the accurate and timely disclosure of financial, operational, and governance related information.
- Responsibility: Respecting stakeholders’ rights and promoting partnerships that support sustainability and growth.
Key Corporate Governance Practices
- Board Governance
The Board of Directors operates with competence, independence, and effectiveness. It oversees the Bank’s operations and provides strategic direction while adhering to the highest standards of integrity and objectivity. The Board comprises between 7 and 13 members, with independent members representing at least 25% of its composition. Specialized Board committees support governance, oversight, and decision-making.
- Oversight and Risk Management
The Bank maintains an integrated internal control and risk management framework overseen by the Board of Directors and supported by Internal Audit, Compliance Management, and an independent external auditor. This framework helps safeguard the integrity of the Bank’s operations and ensures compliance with applicable laws, regulations, and instructions.
- Shareholders’ Rights
The Bank protects shareholders’ rights, enables their effective participation, ensures fair treatment and the distribution of dividends, and provides clear mechanisms for addressing complaints. It also complies with confidentiality and disclosure policies and maintains measures to prevent conflicts of interest.
- Disclosure and Transparency
Bank of Palestine is committed to disclosing material information accurately and promptly. It publishes a comprehensive annual report covering corporate governance practices, financial performance, and key developments, thereby strengthening trust and credibility.
- Social Responsibility
The Bank recognize its role in advancing sustainable development by supporting economic, social, and environmental initiatives that contribute to improving quality of life and strengthening its positive impact on society.