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What are responsibilities of the Board of Directors regarding compliance?

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Question ajoutée par Yasser Almasri , compliance supervision officer , The International Bank for Trade & finance
Date de publication: 2014/05/29
Hamed Abdallah Nasr
par Hamed Abdallah Nasr , Compliance Officer , Al Enmaa Real Estate Company

  • Demonstrating clear and unequivocal expectations about compliance
  • Adopting clear compliance Policy
  • Appointing a compliance officer with authority and accountability
  • Leadership on compliance by the board of directors and senior management sets the tone in an organization.

Ron Monichan
par Ron Monichan , Sales Manager , ESAF (Small Finance Bank)

The Board must actually execute its responsibilities regarding compliance by implementing some below mentioned steps:

  • Helps set the scope of the compliance and ethics program.
  • Evaluate and Approve key policies and procedures.
  • Requires meaningful, substantive reporting on the organization's compliance and ethics activities.
  • Compliance with statutory and requirements
  • Compliance with shareholder's requirements and business needs

To ensure

  • compliance with statutory and requirements
  • compliance with shareholder's requirements and business needs

Ruba Abuyousef
par Ruba Abuyousef , Board Secretray , Abdullah Abdulghani &Bros.Co.

The Board must actually execute its responsibilities regarding compliance by plays at least four important roles in the oversight of an effective compliance and ethics program. for example,The board should:

  • helps set the scope of the compliance and ethics program.
  • approves key policies and procedures.
  • aligns incentives.
  • requires meaningful, substantive reporting on the organization's compliance and ethics activities.

Mazen Al Nakeeb
par Mazen Al Nakeeb , Department Head - Correspondent Banking , Wall Street Exchange Centre LLC

1. Appoint the Compliance Head in the FI

2. Approve the AML Policy

3. View the AML report from the external auditor

LALESH MANYIL MOHANDAS
par LALESH MANYIL MOHANDAS , Chief Financial Officer , NAHDA MODERN CO LLC

Board Directors have fiduciary responsibilities. Fiduciaries must adhere to three hallmarks of good governance:

*duty of care,

*duty of loyalty and

*duty of obedience.

Amrita Roy Chowdhury
par Amrita Roy Chowdhury , In-House Counsel , MBC Auditing and Accounting

As per UAE the responsibilites of the Board of Directors regarding compliances are as follows:-

1) Holding General Assembly meeting in quarterly basis. 

2) Hodling the Annual General Assembly. 

3) Supervising and reviewing the company finnacials in the Annual General Assembly. 

4) Appointment and removal of Auditors. 

5) To approve any dividends on shares

6) To discuss the Agendas as mentioned in the Provisions of Federal Law no. 2 of 2015. (Company's Law) 

Mohammad Rahmat ali
par Mohammad Rahmat ali , Electrical Supervisor , Saudi Oger LTD

 when it comes to a board of directors’ role in compliance and ethics matters. If your board members are not familiar with the terms duty of care, duty of loyalty and duty of obedience, they are probably not fulfilling all of their fiduciary responsibilities

Ajeesh Pulari
par Ajeesh Pulari , PROJECTS ADMINISTRATION , Techncial Access Services

Ensure that projects are conducted in compliance with legal requirements, owner specifications and government regulations

Almas Hussain
par Almas Hussain , Accountant , Qaiser Group Of Electronics Sialkot

The board of directors have responsibility to do everything possible to avoid illegal conduct. They have the duty to oversee Compliance. 

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