The Bank will work diligently to implement corporate governance in order to manage its operations in a secure and transparent manner. This is to protect the interests of shareholders, depositors, and all other stakeholders of the Bank. It also ensures the Bank’s compliance with relevant laws, instructions, and directives issued by the Central Bank, as well as the Bank’s internal policies and systems. It is imperative to implement all provisions of the Corporate Governance Manual for Banks issued by the Central Bank of Iraq, including the formation of permanent committees emanating from the Bank’s Board of Directors and temporary committees as needed from among the members of the Board or others. It is also essential to adopt internal control and risk management systems, in addition to the Bank’s application of the principles of good governance and the use of modern systems and information security. The Bank is keen on establishing a strong and solid relationship with shareholders and other stakeholders.

We would also like to clarify the following:
Formation of a committee emanating from the Board of Directors under the name of “Corporate Governance Committee” consisting of the Chairman of the Board and two members of the Board, to follow up on the Bank’s work and oversee the implementation of corporate governance principles, in accordance with the Corporate Governance Manual for Banks issued by the Central Bank of Iraq.

The Board has decided to form the following committees emanating from it, in addition to the Corporate Governance Committee, as an essential part of the organizational structure of the Bank’s Board of Directors and in accordance with the requirements of the Corporate Governance Regulations for Banks. These are:

• Risk Committee
• Nomination and Remuneration Committee
• Governance Committee
• Audit Committee