The National Bank Appoints Two Independent Members and a Minority Shareholders Representative in its Commitment to Good Corporate Governance
As part of its strategy to implement and maintain the highest levels of corporate governance, the board of directors of The National Bank (“TNB”) has appointed three new members, two of whom are independent and a third as the minority shareholders representative. Dr. Grace Khoury and Aziz Abdul Jawad were appointed to TNB’s board as independent members, and Kamal Abu Khadijeh represents the minority shareholders, holding 50,000 shares at a rate of 0.0006%. These appointments came about after a decision ratified by TNB’s last General Assembly meeting to increase the members of the board of directors to eleven members from nine.
Commenting on the appointments, Chairman of TNB Board of Directors Talal Nasereddin said that the Bank has been committed to implementing the best corporate governance practices since its establishment, with all its internal functions governed by policies and procedures that reinforce internal controls and contribute to an unhindered work flow. The board has created guidelines that protect the bank from crises, and oversees the interests of shareholders through their direct participation. He added that through these appointments, TNB has fulfilled the implementation of instructions by the Palestine Monetary Authority and the Basel II Committee on corporate governance, including the fair treatment of all shareholders.
Nasereddin spoke of TNB’s corporate governance practices, noting the diversity, professional experience and academic achievements of the board of directors, all which contribute to its strength. Independent members chair both the auditing and the remuneration committees, reinforcing control effectiveness over the bank's operations and ensuring fair decisions that benefit shareholders, depositors and other parties. Nasereddin also noted that authorities, tasks and responsibilities are distributed effectively, and that the policies, controls and internal values of the Bank surpass the highest local and international requirements. He went on to speak of the separation of responsibilities between the executive management and the board of directors, which are separate, with independence in their decision-making functions. Monitoring departments are independent and report to the board of directors, ensuring transparency and accountability, and the right implementation of the policies approved by the board of directors.
TNB’s newest board members are all extremely accomplished in their fields, with extensive professional experience. Dr. Khoury is the dean of the Faculty of Business and Economics at Birzeit University, and she boasts over 27 years of academic experience in business and finance. She has a Master’s degree in Business Management and a PhD in Human Resource Management. Abdul Jawad is currently the advisor to the Board of Directors of the National Insurance Company, and has wide experience in the auditing and financial sector. He obtained his Bachelor’s degree in Accounting from the University of Cairo. Abu Khadijeh is currently the general manager and partner at Russel Express / FedEx, with a Master’s degree in Business Administration from Kellogg University in the United States.