Corporate Governance Framework
Board of Directors
The Banque Saudi Fransi’s Board of Directors are elected by the general assembly and consist of ten (10) members. The number of Executive Members on the Board shall not exceed two (2) and at least four (4) Board members must be independent.Without prejudice to the authorities of the General Assembly, the Board shall have the broadest powers in managing the Bank and guiding its activities to achieve its objectives. This shall include overseeing the business of the Bank, approving its strategic objectives and overseeing its implementation, and supervising senior management. Also, the board may, within its powers, authorize one or more of its members or others to perform certain acts.
Board of directors charter
Audit Committee
The committee is formed by the General Assembly and includes two independent board members and three external members. It is presided by an independent member of the Board. The members of the Audit Committee have high academic qualifications and high professional experiences in auditing, finance, or risk management, including knowledge of accounting standards, auditing standards and the ability to analyze financial reports, in addition to understanding the laws and regulations issued by the competent authorities.The Audit Committee’s members assist the Bank’s Board of Directors in fulfilling its oversight responsibility relating to the following:
- Shareholders, potential shareholders, the investment community and others relating to the financial reporting process;
- The system of Internal Controls;
- The audit process;
- The Bank’s financial statements;
- Related parties transactions and conflict of interests’ cases; and
- The Bank’s process for monitoring compliance with applicable laws and regulations and the Code of Conduct.
Audit Committee Charter
