The Board of Directors of Unicorn is responsible for overseeing the Bank’s management and business affairs and for making all major policy decisions. The Board’s authority and practices for the governance of the Bank are outlined in a Corporate Governance Charter that was adopted by the Board of Directors in 2006. This Charter, together with the Bank’s Articles and Memorandum of Association and the charters of the various Board committees, provide the authority and practices for the corporate governance of the Bank.
Unicorn aspires to the highest standards of ethical conduct: doing what it says; reporting results with accuracy and transparency; and maintaining full compliance with the laws and the rules and regulations that govern the Bank’s business.
Corporate governance establishes how the shareholders, the Board of Directors and the management team interact in determining the direction and performance of the Bank. Good governance holds management accountable to the Board and the Board accountable to the owners and other stakeholders.
The Bank regards the guiding principles of good corporate governance to be fairness, transparency, accountability and responsibility. Adherence to these principles includes ensuring fair treatment of minority shareholders, investors and other stakeholders; adequate and timely disclosure of information concerning financial, organisational, governance and related transactions; ensuring the accountability of senior management for achieving plans and implementing measures that safeguard the assets and financial viability of the Bank; and maintaining clear lines of responsibility in terms of delegation of authority, which in turn ensures accountability for results.
The Board of Directors
The prime responsibility of the Board of Directors (the Board) is to provide effective governance over the Bank’s affairs as a fiduciary duty towards its shareholders, customers, employees and other stakeholders. The Unicorn Corporate Governance Charter aims to ensure that the Board follows the highest standards of ethical conduct, reports results with accuracy, transparency and integrity, maintaining full compliance with all the laws, rules and regulations that govern the Bank’s business.
The Board is comprised of members from diverse backgrounds, who combine a broad spectrum of experience and expertise with a reputation for integrity and professionalism.
There are currently nine directors on the Board, each serving a three-year term. Seven directors are non-executive, of whom three are independent. Majid Al Sayed Bader Al-Refai, Unicorn’s Managing Director and Chief Executive Officer, and Ayman Sejiny, CEO (Designate) of Unicorn Capital Saudi Arabia (under application), are executive members of the Board.
The Board has the responsibility for providing the strategic direction to the Bank. The Board continually assesses Unicorn’s objectives, strategies and plans to ensure that they are relevant and will facilitate the desired results. As part of this process, the Board reviews the Bank’s business plans, approves financial budgets, sets performance objectives, oversees major capital expenditures, approves major investment proposals, acquisitions and divestitures and approves the Bank’s risk profile and risk appetite.