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Immediate Release – Bank of Beirut
Beirut, January 18, 2018 – A Promising Endeavour for the Bank’s Commitment to Corporate Governance committed to a better Corporate Governance, Bank of Beirut jumped 67 points and achieved a score of 80 percent in the Excellent (A-) range of the Governance and Integrity Rating.
From ten publicly traded companies on the Beirut Stock Exchange (BSE), Bank of Beirut S.A.L positioned itself in the 2nd place in 2017 by adopting a strict and rigorous commitment to best disclosure.
Bank of Beirut S.A.L scored the highest in the categories, Shareholder Rights (90 percent) and Financial Transparency (86 percent), showing serious commitment and improvement in the dissemination of accurate CG-related information for the relevance of its stakeholders. The bank disclosed 81 percent in BMSP (Board Management Structure & Policies), covering board-related information, 67 percent in Audit, and 55 percent in Integrity.
Undertaking a serious adoption of shareholder rights movement allowed Bank of Beirut to achieve an A- score in the excellent range, hence demonstrating its assurance to its shareholders beyond the Central Bank and the Capital Market Authority CMA requirements.
Given the vital role of banks in the Lebanese economy and the importance of good governance for the successful operation of these institutions, discussion of corporate governance has been on the rise in Lebanon and banks are getting more involved. As per the World Bank Group’s International Finance Corporation, Corporate Governance “is the structures and processes by which companies are directed and controlled”. Good Corporate Governance is of major importance because it helps companies and banks to operate more efficiently, mitigate risk, improve access to capital, be more accountable, and have the tools to respond to stakeholders’ concerns.
Bank of Beirut has been active on the issue and developed its own guidelines in adherence with the policies set forth by Banque du Liban, the Banking Control Commission and the Association of Banks in Lebanon.
Always committed to the highest ethical standards, fostering transparency and disclosure in all material matters related to the Bank’s financial situation, performance, ownership and governance, Bank of Beirut’s Corporate Governance is driven by the Board of Directors’ principal duty to act in good faith, with prudence, and in accordance with a set of values and standards selected to safeguard stakeholders’ interests.
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Since 2004, Capital Concept has been advising companies in the Middle East and North Africa region on corporate governance. Through its alliance with leading international organizations such as the Organization for Economic Cooperation and Development (OECD), the International Finance Corporation (IFC) and the Center for International Private Enterprise (CIPE), as well as through close relationships with regional central banks and capital market regulators, Capital Concept assists clients in implementing best in class corporate governance standards. In April 2013, Capital Concept became the first corporate governance advisory firm recognized by Lebanon’s central bank, Banque du Liban (BDL), to review the banking sector in Lebanon and the MENA region.
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