Monday, 5 December 2022
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Corporate Governance

Jordan Kuwait Bank perceives corporate governance as the key to win the confidence of the customers and other parties interested in JKB, and the methodology through which JKB manages its interrelations and relations with the other involved parties, JKB believes that the existence of good corporate governance will result in good management of the Bank and help to achieve the Bank strategic objectives. Moreover, JKB has an absolute belief that the presence of good governance at all Jordanian institutions will lead to have efficient institutions and provide the appropriate competitive environment, and so support the national economy in general. As banks play an important role in the financial system, and their businesses depend on their customers' deposits, it is therefore of high importance that they should have good corporate governance.

 

Jordan Kuwait Bank realizes that a strong commitment to applying solid frameworks for corporate governance is necessary to achieve long-term progress, and from that JKB committed to reaching the highest levels in the field of governance and aspires to be a role model in the field of corporate governance, through the implementation of the principles of good governance that include follow the laws and instructions issued by the Central Bank of Jordan, the Securities Commission, the Companies Control Department and other regulatory bodies, and the Bank's internal policies, and adopt best international practices in particular.

 

The most prominent features of that commitment are our commitment to the fair treatment with all stakeholders, transparency and disclosure of JKB’s actual financial and administrative standing; accountability between the Board of Directors and the executive management, between the Board and shareholders as well as between the Board and the various stakeholders; in addition to accountability through the clear segregation of duties and delegation of authority.

 

JKB has prepared and approved a special manual for corporate governance and a number of related policies that are updated periodically, various sources have been adopted to draw up the corporate governance framework and related policies, such as: Banking Law, Companies Law, Securities Law in force, regulations and instructions issued pursuant thereto, Corporate Governance Instructions for banks issued by the Central Bank of Jordan, Corporate Governance Instructions for listed shareholding companies issued by the Securities  Commission, Basel Committee and OECD countries and the World Bank publications in this regard, In addition to any laws protecting the rights of shareholders, depositors and stakeholders.

 

JKB discloses the Corporate Governance Manual by publishing it on the website and within the annual report, for more information about the Bank’s corporate governance framework and practices: