May 4 2021, Manama, Bahrain: The National Bank of Bahrain (NBB), in line with its strategy towards integrating Environmental, Social and Governance (ESG) considerations across its business conduct and operations, has appointed the Bank’s Nomination, Remuneration, and Governance (NRG) committee to be responsible for overseeing sustainability integration within NBB’s business and operations.
The NRG, which is responsible for areas of nomination of the board members, remuneration and compensation to the workforce and executive management, as well as governance of the Bank, has elected to add the responsibility of overseeing the bank’s ESG journey towards long term sustainability.
The board committee has updated its charter to include sustainability amongst its existing responsibilities, which further showcases its commitment towards enhancing the banking experience by promoting and integrating sustainable solutions across its business conduct and operations. As a result, the committee has now been renamed to the Nomination, Remuneration, Governance, and Sustainability Committee.
Mr. Farouk Almoayyed, Chairman of NBB, said: “NBB’s core purpose of enriching the lives of generations has always been about creating value to its stakeholders, and with this approach, NBB will ensure a higher degree of inclusivity that crystallizes its value proposition to the ecosystem it operates in and the stakeholders it engages with. And as such, we remain committed to corporate sustainability, embedding and systematically managing environmental, social and governance risks and opportunities in all aspects of our business.”
Mr. Yusuf Alireza, Director and Member of the NRGS Committee, said: “The decision to include sustainability at the board level resonates strongly with the Bank’s essence of creating a positive impact and becoming part of the solution within the Kingdom of Bahrain and across the world. We are taking the necessary steps to educate, implement and adjust as we move forward towards a more sustainable future.”
The committee will oversee different areas of significance within the Bank’s three-year sustainability roadmap, and will function as the highest governing body that ensures continuous commitment through periodic reporting of performance against key measurable indicators set by the bank.