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Bank of Palestine officially start the application of corporate governance, and risk management policies to be the first Palestinian institution to apply best practices in risk management and to adopt its own code which it publishes on its electronic website.
BoP organized a ceremony to adopt Corporation Governance code and Risks Management Policies in cooperation with Palestine Monetary Authority and IFC.
The ceremony was held in the General Management Head Office in Ramallah with the presence of Dr. Jihad Alwazir, Governor of the Palestine Monetary Authority, Mr. Hashim Shawa, Chairman and General Manager of BoP, Mr. Dimitris Setsarajus, Director of IFC in Middle East, North Africa and Southern Europe beside a large number of representatives of private sector institutions, banking sector, and businessmen.
Dr. Jihad Alwazer confirmed that economic and political fluctuations dominating the region require more attention from the Bank’s management to corporate governance and risks management which include reducing risks and making the right decisions to protect the Bank and its investments.
Mr. Hashim Shawa, Chairman and General Manger, added that Corporate Governance begins from the organizational chart of the bank to the role and responsibilities of the Board of Directors and the executive management, forming committees, authorities delegation, internal and external auditing. This is a connected system that leads to best practices that serve all parties.
Mr. Shawa said that by applying corporate governance and risk management policies, BoP will have a management system for all kinds of risks on all levels; the rapid growth in market share, clients’ number, credit facilities’ and deposits growth, , and geographical expansion of the bank require enhancing corporate governance and risk management practices as well as providing a strong base to support this continuous growth.
Mr. Shawa confirmed that this project is consistent with the Bank’s general strategy that aims to maintain an advanced position in banking business with high management qualifications that fulfills the diverse needs of our customers and protect shareholders’ rights especially the bank is working in a region characterized by political instability and the repercussions of world financial crisis.
Mr. Dimitris Setsarajus, Director of IFC in Middle Ease, North African and Southern Europe, said that IFC’s advisory services helped providing changes for the Bank, and added that their services are part of the extensive efforts exerted to enhance corporate governance practices and risks management. Mr. Setsarajus added that corporate governance and risks management practices help financial institutions maintain strong and capable of doing their role to enhance economy.