1.Independence Criteria – Although banks are exempted from the mandatory application of the SCA's Code of Corporate Governance, the Bank continues to refer to the SCA Code as well as international best practices, with regard to Directors' independence.
2.The independence criteria on which we determine whether a director is independent or not is set out in the Bank’s board charter which can be found here
. The Board considers that a Director is independent if neither himself nor any of his first degree relatives have been a member of the Senior Management of FAB during the last two years or has a relationship that creates any financial transactions or deals with FAB or any of its subsidiaries totaling a value of 5% of the paid-‐up capital of FAB, or exceeds AED 5 million (or an equivalent amount in a foreign currency, whichever is less).
3.The primary purpose of assessing independence is to ensure that the director can meet his fiduciary obligations to act in good faith and with loyalty in the best interests of the company, unfettered by any concerns over potential conflicts that might interfere with a judgment call on matters that fall within the Board’s oversight.