- Mrs. Laura E. Bustani, Honorary Chairman
- Sheikh Fouad J. El-Khazen, Chairman General Manager
Education:
Civil Engineer, E.S.I.B. Ecole Supérieure d'Ingénieurs de Beyrouth (1959)
Career History:
Contracting and Trading Co. (1959-1995)
Directorships:
Al Boustaniya s.a.l.
Al Kalaa Realties s.a.l.
Banque de l'Industrie et du Travail s.a.l.
C.A.T. Holding (Contracting & Trading Holding) - Luxembourg
Mothercat Ltd. – Jersey
Mothercat Saudi Arabia
Solidere s.a.l.
Sté. Hôtelière de Tourisme s.a.l.
Sté. Immobilière pour la Construction s.a.l.
Memberships:
Al Bustan International Festival of Music and the Arts
Automobile & Touring Club of Lebanon
Lebanese Contractors Syndicate - Mrs. Myrna E. Bustani, Vice Chairman
Education:
Licence Psychology, Université de Lyon (1958)
Career History:
Experience in construction and banking in Africa and the Middle East
Member of the Lebanese Parliament (1963-1964)
Trustee of the American University of Beirut (1980)
Recipient of the Order of the Cedar, Lebanon
Directorships:
Banque de l'Industrie et du Travail s.a.l.
C.A.T. Holding (Contracting & Trading Holding) – Luxembourg
Jamyco Holding – Luxembourg
Sté. Hotelière de Tourisme s.a.l.
President:
Al Bustan International Festival of Music and the Arts - Mr. Nabil N. Khairallah, Executive Director, General Manager
Education:
USJ: B.A. (1975), M.B.A. (1978), D.E.S.S. in Finance (1981)
UK: Institute of Cost & Management – Accountants (1979)
Career History:
Senior Manager, International Professional firms (financial management, investments, consultings), Saba & Co., Touche Ross & Co., Arthur Andersen & Co.
Directorships:
Al Bustaniya s.a.l.
Arab Financial Services - Bahrain
Banque de l'Industrie et du Travail s.a.l. – General Manager
Sté. Hôtelière de Tourisme s.a.l. – General Manager
Sté. Immobilière pour la Construction s.a.l. – General Manager
United Group Holding s.a.l. – General Manager
Memberships:
Al Bustan International Festival of Music and the Arts - Treasurer
The British Institute of Management - Dr. Aziz M. Bassoul, Member
Education:
Civil Engineer, Ecole Centrale de Paris (1969)
M. Sc. Economics, Faculté de Droit et des Sciences Economiques de Paris (1970)
MBA Finance, Columbia University, New York (1972)
Ph.D. Finance, Université Paris IX, Dauphine (1976)
Career History:
Urban Planner for the City of Paris (1969-1970)
Staff Officer at Citibank New York (1972-1973)
Chief Financial Officer, C.A.T. (Contracting & Trading) – Beirut & Paris (since 1973)
Financial Controller, C.A.T. Holding (Contracting & Trading Holding) – Luxembourg (since 1994)
Directorships:
Banque de l'Industrie et du Travail s.a.l.
Memberships:
Rotary Club of Beirut - Shammas Economic Institute s.a.l., Member, Represented by Mr. Issam S. Shammas
Education:
Structural Engineer, London University – Hammersmith College (1968)
Career History:
Advisor to Managing Director, C.A.T. (Contracting & Trading) - (1968-1971)
Advisor to Managing Director, Mothercat - (1971-1994)
Directorships:
C.A.T. Holding SA - Luxembourg
Banque de l'Industrie et du Travail s.a.l. represinting S.E.L.
Shammas Economic Institute SAL
All time Tourist Complex Ltd
Financial Investment Luxembourg
Saab Charitable Foundation
Past President - IPLOCA (International Pipeline & Offshore Contractors Association)
Memberships:
Rabiya Municipal Council - President
Board of Trustees member at International College - Mr. Nizam S. Shammas, Member
Education:
Civil Engineer, American University of Beirut (1972)
MBA, Brunel University (1982)
Advanced Management Program - Hotel School - Cornell University
Career History:
12 years of construction management with CAT Co. in Middle East and Africa
Construction, development & operation of hotels in UK and Cyprus
Directorships:
CAT Holding SA
Banque de l'Industrie et du Travail s.a.l
All time Tourist Complex Ltd
New Forest Hotels PLC - UK
Rabieh Co. SAL
Rabieh Real Estate SAL
Rabieh Marine Hotel SAL
Shammas Economic Institute SAL
Shammas Investment SAL
Shammas Group
Memberships:
Fellow of the Institute of Directors
Board of Trustees member at Bishara Annunciation College - Sheikh Jamil F. El-Khazen, Member
- Mr. Alexandre R. Najjar, Member-Legal Adviser
Education:
Ecole de Droit, Université Paris II
Career History:
Attorney at Law
Advisor to the Minister of Culture
Directorships:
Banque de l'Industrie et du Travail s.a.l. - Mrs. Laura El Khazen Lahoud, Member
- Mrs. Carole Abou Chedid Ibrahim, Secretary of the Board.
- Mr. Roger Najjar Legal Office, Legal Counsel
- Deloitte & Touche, Auditors
Corporate Governance at BIT Bank
BIT Bank put in place a code of Corporate Governance aiming at ensuring that the goals of the Bank's management are in line with the goals of the other major stakeholders. Goals are aligned through a well defined corporate governance system that enable other stakeholders to make sure that their rights are protected, and that the Bank is working towards maximizing shareholder value and fairness.
The Corporate Governance Code emphasizes on the Bank's structure focusing on Shareholders, Board of Directors, General Management and the organizational platform.
BIT Bank is a Lebanese Joint Stock Company with three major shareholders owning around 99.96% of the issued shares. The latter's shareholding are incorporated via three holding companies (Al Bustania SAL, Shammas Economic Institute SAL & Saifi Invest), individual shareholders hold the remaining 0.04%. The Corporate Governance code focuses on Shareholders' rights and obligation and General Assemblies meetings.
The elected Board of Directors is the focal point of the corporate governance system. It is ultimately accountable and responsible for the performance and affairs of the Bank. Every Board member is expected to exercise sound judgment in all matters involving business ethics and integrity and shall at all times maintain the highest ethical standards. The corporate Governance Code focuses on the Board composition, responsibilities and obligations. While the Board gives strategic direction to the Bank, there are two key aspects of the management of the Bank - the management of the board that is the responsibility of the Chairman and the day-to-day management of the Bank's business, which is the responsibility of the Chief Executive Officer. In BIT Bank there is a clear division of these responsibilities at the board level to ensure a balance of power and authority, so that power is not concentrated in any one individual. The Code of Corporate Governance identifies each one role and responsibilities in managing the Bank.
In order to perform its duties more efficiently, the Board delegates' authority to the Executive Committee which main objective is to help the Board managing the Bank's activities in terms of lending, investments and risk strategy; the Executive Committee is also acting as a Credit & Risk Committees, composition and responsibilities of this committee are detailed in the Code of Corporate Governance.
The Board appoints two other Committees:
. The Audit Committee which main role is to assist the Board of Directors in fulfilling its oversight responsibilities for the financial reporting process, the system of internal control, the audit process, and the Bank's process for monitoring compliance with laws and regulations and the code of conduct.
. The Compensation Committee which main role is to look into Board, Board Committees, Chairman, CEO and Assistant General Managers compensation as per prevailing laws and regulations.
A section on Bank's Management Committee is included in the Code, this section details composition and responsibilities of six committees appointed by the Executive Committee, namely:
. Assets & Liabilities Committee
. Anti Money Laundering Committee
. Personal & Consumer Loans Committee
. Information Technologies Committee
. Information Security Committee
. Basel Committee
In the interests of staff professional standing, and to protect the reputation of the Bank, Staff Members shall behave and conduct themselves in accordance with a Code of Conduct which summary is included in the Code.
BIT bank has been at the service of its clients since 1960, offering them banking relationships highlighted by quality, trust and long-term commitment. The Code lists all Bank's activities and product and defines the relation with stakeholders. Clearly, the Bank has a number of important messages that should be communicated more widely and effectively under a well-defined, clearly focused disclosure policy for greater transparency with regards to its activities.
The Code of Corporate Governance was approved by the BIT Bank Board of Directors.
