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Emirates NBD: Leadership and Governance Essay


Introduction

Emirates NBD is a banking group that occurred due to the merger of the second and fourth greatest banks with excellent performance. Emirates Bank International and the National Bank of Dubai considered that their cooperation can be advantageous for both sides and will allow them to reach a common goal of becoming the leaders in the industry. They merged in 2007, which ensured their promising future. The vision of Emirates NBD is to become “globally recognized as the most valued financial services provider based in the Middle East” (“Vision” para. 1).

The Group has more than 200 branches and 900 ATMs and CDMs that can be found not only in their region but also overseas. It is the major franchise in the corporate banking arena with strong investment. Emirates NBD provides brokerage and private banking services and ensures value to its stakeholders. The merger undertakes corporate social responsibility. It focuses on charity, environment, education and other activities critical for the country. The assets of Emirates NBD are more than AED 400 Billion. Except for that, the company has many awards.

Leadership and Governance

Emirates NBD is a large entity, which is led by nine outstanding individuals who are masters in their industries. The Board of Directors represents the local community, which proves that they are well aware of the UAE’s business situation and requirements. All members meet once a month in order to discuss overall strategy and performance, financial aspects of work and approve such things as dividends or annual report. In this way, it can be seen that the Board of Directors not only has power over the Group but also is in charge of its performance and working details. There are also many independent non-executive directors. They are seen as a group of people whose views and decisions are not influenced by the issues with shareholders and partners (“Board of Directors” para. 4).

The Group has many stakeholders whose interests are represented by four board committees. The Board Credit and Investment Committee is in charge of financial reporting. It ensures quality control that is critical for stakeholders. The Board Audit Committee monitors legal and regulatory compliance. It makes sure that the internal codes of conduct are followed and manages financial control systems. The Board Risk Committee deals with risk management procedures and helps to manage finances. The Board Nomination & Remuneration Committee is focused on Human resources. They all can alter Emirates NBD activities to meet all demands and requirements and remain efficient.

The senior management team keeps a sharp lookout for the performance of the Group. Being also known as the Executive team, it is in charge of making decisions that can influence the whole Emirates NBD. Of course, the power of this team is limited, and the Board of Directors has more authority but it still responsible for vital operations. For example, the senior management team controls the day to day running of the merge and implements strategies that are likely to streamline the Group’s growth. It also applies the decisions of the Board when meets (“Management team” para. 3).

The creation of long-term value is vital for the Group. Emirates NBD wishes to ensure it to the stakeholders with the help of corporate governance that provides an opportunity to reduce risk and implement changes when meeting objectives. This banking group emphasizes the importance of transparency and accountability for efficient business. It is believed that they can be used to make sure that the controls for regulatory compliance and other critical operations are in place, which also proves that the Group sticks to the best practices.

Positive professional relationships are encouraged within the country and outside of it, which gives Emirates NBD a chance to receive support and expand. It abides by all “international banking regulations, UAE central bank rules, DIFX stipulations”, Basel II requirements, and international Anti-Money Laundering laws (“Governance” para. 4).

The information received from the Emirates NBD website proves that leadership and governance in this banking group are on a high level. The responsibilities are divided among several committees and teams that control particular aspects of the business, ensuring that the number of possible issues and failures is minimalized. The Group operates in “the UAE, Egypt, the Kingdom of Saudi Arabia, Singapore, the United Kingdom and has representative offices in India, China, and Indonesia” (“About Emirates NBD” para. 7). The fact that the company is so expanded proves that it should have a substantial leadership team.

Still, it might be advantageous to simplify this structure to some degree in order to avoid possible problems connected with the exchange of information (“Leadership and Governance” para. 11). The Group is culturally diversified, which is a great advantage nowadays. Such an approach provides an opportunity to meet the expectations of different populations and innovate. Economic and social progress is ensured by the utilization of the best international practices and a shared experience of two organizations that merged. The leaders of Emirates NBD set priorities for the Group and undertake responsibilities for the decisions they make, which allows them to attract stakeholders and make them loyal.

Works Cited

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IvyPanda. (2020, July 27). Emirates NBD: Leadership and Governance. Retrieved from https://ivypanda.com/essays/emirates-nbd-leadership-and-governance/

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"Emirates NBD: Leadership and Governance." IvyPanda, 27 July 2020, ivypanda.com/essays/emirates-nbd-leadership-and-governance/.

1. IvyPanda. "Emirates NBD: Leadership and Governance." July 27, 2020. https://ivypanda.com/essays/emirates-nbd-leadership-and-governance/.


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IvyPanda. "Emirates NBD: Leadership and Governance." July 27, 2020. https://ivypanda.com/essays/emirates-nbd-leadership-and-governance/.

References

IvyPanda. 2020. "Emirates NBD: Leadership and Governance." July 27, 2020. https://ivypanda.com/essays/emirates-nbd-leadership-and-governance/.

References

IvyPanda. (2020) 'Emirates NBD: Leadership and Governance'. 27 July.

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