BLOM BANK sal aspires to the soundest standards of corporate governance. The Board and Management recognize that corporate governance is of paramount importance to the Board in carrying out its oversight duties. The Board and Management also believe that reporting results with accuracy and transparency, and maintaining full compliance with laws, rules, and regulations governing the Bank’s operations promote the interests of the Bank’s stakeholders and advance the long-term interests of shareholders.
BLOM BANK First bank in Lebanon to sign the Investors for Governance and Integrity (IGI) Declaration on January 30, 2014.
Election of a Lead Director
BLOM BANK is the first bank in Lebanon to have a Lead Director who is an independent member of the Board of Directors elected annually by other independent members. The Lead Director is responsible for leading the Board’s independent Directors to engagement and consensus, ensuring that independent consensus is heard and implemented.
The Lead Director coordinates the activities of the other independent directors, and performs such other duties and responsibilities as the independent directors may determine. He also assists the Board in discharging its duties, responsibilities and obligations independently of Management.
The independent Directors held a meeting in June 2014 and elected among themselves a Lead Director for a term of one year. This reinforces BLOM BANK’s commitment to and leadership in advancing corporate governance as well as its commitment to protect shareholders’ interests.