Burgan Bank: Highlighting the Board of Directors Commitment to Maintain Governance Best Practices

Burgan Bank announced during the 35th Extraordinary General Meeting the approval of the recommendation of the Board of Directors to increase the number of members to eleven members, and amend articles (16) and (17) and (18) of the Bank's articles of association.

Mr. Majed Essa Al-Ajeel, Chairman of Burgan Bank, said: This amendment comes as part of Burgan Banks dedication to hold and enforce best governance practices and to make sure the implementation of the Central Bank of Kuwaits guidelines issued on 10/9/2019 concerning the rules and regulations of governance in Kuwaiti banks. This falls inside the framework of the ongoing efforts and dedication by the Board of Directors of Burgan Bank Group to acquire the regulatory requirements.

Al-Ajeel further added: In order to fulfil the requirements, the Board of Directors has authorized its work plan and schedule for the implementation stages, consisting of the increase in the number of members of the board to 11 members, with the addition of two independent members before the date of 30/6/2020 to increase it to four independent members before 6/30 /2022."

Burgan Bank encompasses operations in Kuwait and its regional subsidiaries, namely Burgan Bank Turkey, Gulf Bank Algeria, Tunis International Bank. It has one of the biggest regional branch networks throughout Kuwait, Turkey, Algeria, and Tunisia as well as a representative office in Dubai, United Arab Emirates.