Corporate Governance Disclosures
1. Bank J. Safra Sarasin (QFC) LLC
Bank J. Safra Sarasin (QFC) LLC (“BJSSQ”), incorporated in the Qatar Financial Centre in 2014, is a wholly-owned subsidiary of Bank J. Safra Sarasin Ltd., Switzerland, and part of the J. Safra Sarasin Holding Group (“JSSH Group”).
BJSSQ is authorised by the Qatar Financial Centre Regulatory Authority ("QFCRA") with QFC License No. 00212.
2. Business Strategy and Objectives
BJSSQ provides a range of investment advisory and arranging private banking services to institutional and private clients who satisfy the definition of a “Business Customer’ and “Eligible Counterparty” as defined in the QFCRA Customer and Investor Protection Rules (“CIPR”) 2019.
BJSSQ does not have any local booking. It arranges custody of assets exclusively with Booking Centres of JSSH Group. The regulated activities of arranging deals in investments, advising and arranging credit facilities for clients, are provided by BJSSQ exclusively in connection with the banking and custody accounts held by its clients with the Booking Centres.
The Board of Directors is responsible for approving the corporate governance framework through which BJSSQ is managed and controlled. The Board of Directors is also responsible for setting and developing BJSSQ’s business strategy within a defined risk appetite, BJSSQ's financial soundness, maintaining transparency and disclosure as well as being mindful of the legitimate interests of clients and other stakeholders when making decisions and acting in a timely manner to protect the firm’s long-term interests.
The Senior Management is collectively responsible for the implementation of the corporate governance framework, risk management and internal controls. They provide the Board with the general information it requires to carry out its supervisory and control functions. This includes regular information about the general course of business, financial performance and the implementation of the risk management framework.
Collectively, the members of the Board and Senior Management have a thorough understanding of the banking and financial services sector in general and in particular of Bank J. Safra Sarasin (QFC) LLC, as well as the regulatory environment in the QFC.
Meetings of the Board take place as often as business requires, generally once a quarter. In addition, any Board member may submit a request that a meeting be convened. Board members have access to all information concerning the business and the affairs of BJSSQ as may be necessary or appropriate for them to fulfil their duties.
Board of Directors
- Elie Sassoon, Chairman of the Board/Non-executive Director
- Jorge A. Kininsberg, Independent Non-executive Director
- Stephane Astruc, Non-executive Director
- Daniel Belfer, Non-executive Director
- Marcelo Szerman, Non-executive Director
- Varun Bukshi, Executive Director
- Meenal Mahajan, Senior Executive Officer
- Jonathan Swann, Finance Officer
- Hector Cordero, Compliance Officer/MLRO and Company Secretary
4. Organisational Structure
The Finance and Compliance/ MLRO functions are also governed by the relevant Group unit either directly or, for the Compliance Officer/ MLRO, indirectly through functional reporting to the Regional Head of Compliance. Within the organisation, the Compliance Officer/MLRO has a direct access to the Board of Directors.