Based on a solid foundation of openness, transparency and accountability, our corporate governance contributes to a safe and sound banking system that fosters trust as well as customer and shareholder value.
Credit Libanais recognizes the responsibility of the Board for setting the tone of a corporate culture of integrity and compliance across all layers of our organization.
CL commitment to corporate governance has four key elements: good relations with shareholders; effective cooperation between the management and BOD; a system of performance-related compensation; and transparent and timely reporting. Effective governance processes are detailed in the Code of Corporate Governance as per BDL circulars and the guidelines of the Association of Banks in Lebanon.
Our remuneration policy reflects CL’s objectives for good corporate governance. In line with the Central Bank requirements set out in the basic circular # 133 dated 6 August 2014, and other circulars, the remuneration policy and procedure was prepared and validated by the HR Committee in December 2014 prior to its submission to the CGNHRR committee for approval on the 20th of January 2015. In their meeting held in March 2015, the Board of Directors reviewed and approved the remuneration policy and procedure.
Credit Libanais is firmly committed to fighting crimes of money laundering and financing terrorism in accordance with national and international rules and regulations. We believe that financial crime prevention is not only the responsibility of the Group’s dedicated compliance officers, but also the duty of every staff member in each area of activity. We have clear policies, procedures and rules of good conduct in place, to prevent money laundering and the financing of terrorism in all jurisdictions where the Bank operates, to protect our reputation.
CL Group strives to be an open and honest business, and we value the free flow of information. As stated in CL’s Employee Handbook, the Bank encourages all stakeholders to report any dishonest or illegal activity (violation of a law, rule, regulation, fraud, corruption) occurring at the Bank. CL prohibits retaliation of any kind against individuals who made reports in good faith or complaints of violation of the business ethics and conduct or other known or suspected illegal or unethical conduct.
Purchases are made based on a bidding call, which are presented to bid committees, screening committees, compliance committees and delivery acceptance committees. The installation of this purchasing system several years ago allowed the Bank to give equal opportunities to suppliers based on the quality of their goods and services, while ensuring that we receive best quality over price ratios. Suppliers must therefore have sound implementation strategies and conduct their business responsibly.