FAB Guiding Principles of Corporate Governance
- Strong Corporate Governance Standards
The corporate governance culture of FAB is driven by
- The appropriate delegation and monitoring of power and accountability to management,
- The responsibility of the Board to direct the Group’s affairs and set its objectives,
- Satisfying the interests of stakeholders through relevant and material disclosures,
- The selection of productive strategies and management of risk,
- Ensuring compliance with all regulatory obligations, and
- Engaging with the community.
Corporate Governance Commitment
FAB is committed to adopting and complying with good corporate governance practices. As a Licenced Bank, it refers to the Corporate Governance Code and guidance issued by the UAE Central Bank.
Whilst Banks are currently exempt from compliance with the Ministerial Resolution No. (518) of 2009 Concerning Governance Rules and Corporate Discipline Standards, which is supervised by the Securities and Commodities Authority (SCA) for entities listed on UAE Stock Exchanges, FAB also has committed to meeting these standards.
Corporate Governance Framework
A comprehensive Corporate Governance Framework plays a key role in FAB’s culture, business practices and regulatory compliance.
The Framework displays the key components and documents within FAB’s Corporate Governance, Risk and Control environment. In addition to the Articles of Association and regulating laws, the FAB Board has approved a wide range of Charters, Codes and Policies in order to record their decisions and delegations, and regulate the operations and overview activities of the Bank and its Group.
The Board has also issued general principles of behaviour and personal conduct for which all Directors and staff are accountable as individuals and as a collective entity.
FAB has developed an extensive control structure suitable for a regulated, international financial institution and Group.
Details regarding the material functions and policies are disclosed in the Corporate Governance Framework and the annual Corporate Governance Reports. Also refer to the Compliance section regarding key Licences and statements.
Disclosure & Transparency
FAB meets a range of regulatory disclosure requirements, primarily through its continuous disclosures to the Abu Dhabi Stock Exchange (ADX) and by publication of Annual Reports which incorporate Risk Management and Basel II-Pillar III Disclosure Reports and Corporate Governance Reports.
The Bank also regularly publishes Sustainability Reports and other information which is beneficial to its stakeholders, copies of which are generally available or updated on this website.
Corporate Governance Reports
FAB shares are listed on the Abu Dhabi Stock Exchange, which is regulated by the UAE Securities & Commodities Authority.
FAB is 33% owned by the Abu Dhabi Investment Council on behalf of the Abu Dhabi Government. Further details for share ownership, market new and prices is available at Investor Relations.
FAB subsidiaries and Group entities are listed in the Annual Report – Risk Management and Basel II-Pillar III Disclosures.
Key Regulatory Links
FAB is subject to regulatory oversight from a number of key Ministries, government Departments and regulatory authorities. Senior management has the responsibility to ensure compliance with all applicable laws and regulation, and is accountable to the Board.
The Board has also delegated a range of duties and responsibilities for monitoring and review to the Committees of the Board, including the Risk and Audit Committees.