Abu Dhabi, United Arab Emirates; 29 September 2022: The Audit Committee of the Board of Directors of UAE Banks Federation, the representative and unified voice of the UAE banks, held its sixth meeting (and second for 2022) remotely on the 7th of September to discuss a number of important topics and review the financial statements and internal audit reports of the Federation.
The meeting, which was chaired by His Excellency Abdullah Salem Al-Turifi, Member of the Board of Directors of UAE Banks Federation, reviewed and approved the minutes and action items of the last Audit Committee meeting held on the 9th of June 2022. In addition, the internal audit report for the second quarter (April to June) of this year and the audited financial statements and budgetary control reports for the first half of 2022 were presented and reviewed at the meeting.
The participants also discussed the projects that the UAE Banks Federation intends to implement in the coming months of this year, as well as the allocated budget to ensure that the tasks and initiatives are implemented in the best interest of member banks, their customers and the UAE economy.
At its last meeting on 21st April 2022, the UAE Banks Federation's Board of Directors elected three of its members to reconstruct the Audit Committee in order to strengthen its role. The appointed board members to the Audit Committee include His Excellency Abdullah Salem Al-Turifi, the representative of Commercial Bank of Dubai, who was also elected Chairman of the Audit Committee; Mr. Adnan Al Ismail, representative of Abu Dhabi Commercial Bank; and Mr. Abdullah Qassem, representative of Emirates NBD.
The decision to support the Audit Committee by appointing Members of the Board who have extensive knowledge and experience in the banking and financial sector confirms the UAE Banks Federation Board's belief in the importance of adopting a governance model that is in line with the best international standards. The decision also promotes transparency and stakeholder confidence in UAE Banks Federation's activities aimed at supporting and facilitating the banking and financial sector in managing risks and seizing opportunities. The UAE Banks Federation's governance model is characterised by four levels: Vision, Strategy, Supervision and Implementation.