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Corporate Governance

 

In order to preserve its stakeholders’ confidence, Cedrus Bank adheres to strict principles of corporate governance. That is to say, the bank continually endeavors to do business properly, not only vis-à-vis its clients, but also the employees, the shareholders, and the public as a whole.

Proper corporate governance is made possible primarily through:

  • The composition of the Board of Directors with a majority of independent and non-executive members in order to safeguard objectivity and efficiency and reduce conflicts of interest
  • The creation of Board Committees responsible for setting the operational and control guidelines
  • The designation of senior executives and heads of departments with expansive financial and technical expertise and high ethical standards in order to oversee day-to-day management of the operations
  • The enactment of policies and procedures that ensure compliance with applicable laws and regulations, effective controls, and business continuity 

 

Cedrus Bank’s governance framework relies on several pillars, including:

 

1. Corporate Discipline:

It is mandatory that all employees abide by the bank’s Code of Conduct and accomplish their duties ethically and professionally.

 

2. Accountability and Meritocracy:

The employees are accountable not only for their work but also for the way they accomplish it. Working ethically is a priority for the Board of Directors. Also, appraisal, remuneration, and advancement of employees is solely based on their merit.

 

3. Compliance and Controls:

Cedrus Bank is fully committed to meeting the requirements of the local laws, regulations, and international standards; therefore, it continues to refine the governance practices through enhancing the organizational performance, developing a robust system of risk management, and maintaining a sound internal control system. This strategy aligns the structural functions with the culture to constantly support the bank in meeting its goals.

 

4. Disclosure and Transparency:

Cedrus Bank has a duty to publish its financial statements in accordance with the International Financial Reporting Standards (IFRS) to ensure accuracy of reporting. Additionally, the bank will disclose any material information, whether financial or non-financial, in line with applicable rules and regulations.

 

5. Social Responsibility and Sustainability:

The bank has a duty of care toward the community. That is why we insist on a value-driven management balanced around its economic, environmental, and social goals.