The Arab Regional Payments Clearing and Settlement Organization (ARPCSO), the system operator of Buna, follow the following key principles that guide its corporate governance across all levels of the organization:
Fairness refers to equal treatment, for all shareholders who should receive equal consideration for whatever shareholdings they hold.
In addition to fairness in the treatment of all stakeholders.
Corporate accountability refers to the obligation and responsibility to give an explanation or reason for the organization’s actions and conduct.
The Board of Directors is given authority to act on behalf of the organization.
They should therefore accept full responsibility for the powers that it is given and the authority that it exercises.
ARPCSO should conduct its business with meaningful regard for environmental, health, safety, and other sustainability issues relevant to its operations.
Transparency means openness, a willingness by the organization to provide clear information to shareholders and other stakeholders. Transparency ensures that stakeholders can have confidence in the decision-making and management processes of an organization.
A strong corporate governance framework must ensure effective shareholder participation in key corporate governance decisions.
The Board of Directors ensures the promotion of ethical and responsible decision-making and complies with all relevant policy, laws, regulations, and codes of best business practice.
ARPSCO has a robust and comprehensive governance structure that comprises a Board of Directors, a Board of Committees, an Executive Committee, and an Advisory Group.
The representative body of the shareholders has the responsibility for the ultimate direction and steering of the organization. The Board of Directors shall put in place the policies, regulations, and bylaws related to the administrative, financial, and human capital affairs, including appointments of Executive Committee and determination of their remuneration, and shall have the full powers to manage the ARPCSO.
The Board of Directors delegates to the Board committees some of its powers, authorities, and discretions for such time, on such terms and subject to such conditions as established in their charters approved by the Board of Directors.
The Board of Directors, by virtue of Board Resolutions, has formed 3 Board Committees:
Responsible for the day-to-day management of the ARPCSO, under the leadership of the Board of Directors and its delegation of authority.
Responsible for the oversight of the system’s key risks, internal controls, and the implementation of policies and procedures.
Responsible for the remuneration and compensation structure of ARPCSO, as well as overseeing and advising on the development of the ARPCSO’s human resources activities.
Led by the Chief Executive Officer (CEO) is responsible for setting, managing, and executing the strategies of ARPCSO.
The Advisory Group is a consultancy body that will help the Executive Committee to adapt to regulatory changes, new market trends and keep abreast of any updates in the Principles for Financial Market Infrastructures (PFMI) and other international standards applicable to ARPCSO from different perspectives.
The Advisory Group will have 4 sub-groups focused on specific aspects of the different areas of ARPCSO, namely:
