Central Bank of Libya Circular No. 8/2023 on the Evaluation of General Managers in Banks

Central Bank of Libya

Reference: IRMN 804 Circular IRMN No. (8/2023) Date: 03 Rajab 1444 AH / Corresponding to: 25 January 2023

P.O. Box 1103, Telegram Address: MasrafLibya - Tripoli - Libya

To: Chairmen of Bank Boards Greetings,

Subject: Evaluation of the Performance of General Managers in Banks

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and the bylaws of banks, and within the framework of the supervisory and regulatory role exercised by the Central Bank of Libya over banks operating in Libya. And with reference to Circular IRMN No. (2010/13) dated 27 September 2010, through which the decision of the Board of Directors of the Central Bank of Libya No. (20) of 2010, approving the Governance Code for the Banking Sector, was circulated. In the context of the Central Bank of Libya's monitoring of banks' status regarding compliance with corporate governance controls and instructions, through the implementation of centralized risk supervision based on monitoring the activities of the Board of Directors and its affiliated supervisory departments, particularly the executive management in banks after they have adopted the first period specified in the bank's bylaws, and that the General Manager's performance be evaluated during that period.

Therefore, you are requested before proceeding to extend the term of General Managers in banks, to implement what is stipulated in Articles (20-d) and (26-d-4) of the approved Libyan Banking Sector Governance Code referenced above, and to conduct a performance evaluation of the General Manager, determining his achievement rates for the targeted plans established according to the bank's general policy approved by the Board of Directors, through monitoring his performance based on reports submitted by the bank's supervisory departments (Internal Audit - Risk - Compliance), audit firm reports, and legally authorized regulatory bodies monitoring the bank's activities and judicial authorities. The evaluation must be based on quantitative performance criteria (extent of banking services development - reduction of fraud and forgery risks - customer complaints - speed of response and responsiveness to regulatory authorities' correspondence within specified deadlines). It is also necessary to submit the renewal request accompanied by the performance evaluation of the concerned General Manager (enclosed is a sample form) to the Banking and Currency Supervision Department for review and re-approval. You bear responsibility for any lack of objectivity in the performance evaluation criteria for the bank's General Manager after this Department studies and compares the evaluation with its data and information, to make the final decision.

... Please accept our highest regards ...

Naji Mohamed Eissa Director, Banking and Currency Supervision Department

Copy to: The Governor Copy to: Director of Legal Department - Central Bank of Libya Copy to: Director of Internal Audit Department - Central Bank of Libya Copy to: Deputy Director, Banking and Currency Supervision Department Copy to: Deputy Director, Banking and Currency Supervision Department (Office Supervision & Compliance Follow-up) Copy to: Deputy Director, Banking and Currency Supervision Department (Field Supervision, Policies & Legislation) Copy to: Deputy Director, Banking and Currency Supervision Department (Islamic Banking Affairs) Copy to: Banking Supervision - Benghazi Copy to: Banking Service Quality Assurance Department Copy to: Archives 2023

Phone: +218 3591 333, Fax: +218 21 1488 444, www.cbl.gov.ly, SWIFT Code: CBLJLYLX

---

Sample Form for Bank Board Evaluation of the General Manager

First: Professional Performance	1	2	3	4	5	Notes
1	Accuracy in work
2	Ability to manage time and schedule tasks
3	Interest in development and improving work level
4	Ability to analyze and solve problems
5	Performing creative works and innovations
6	Diligence and responsiveness to work pressure
7	Speed and efficiency in completing assigned tasks
8	Supervision, participation, and working within teams
9	Adherence to instructions and procedures

Second: Functional Performance	1	2	3	4	5	Notes
1	Ability to develop work methods
2	Ability to train other employees
3	Ability to determine work completion requirements as needed
4	Skill in execution
5	Ability to determine work steps and timeline
6	Maintaining working hours
7	Ability to overcome work difficulties
8	Knowledge of technical foundations and concepts related to work
9	Knowledge of work systems and procedures
10	Monitoring developments in the field of work
11	Active participation in meetings
12	Ability to establish effective work communications with others
13	Ability to assume higher responsibilities
14	Knowledge of bank objectives and tasks
15	Presenting ideas and proposals
16	Completing work on time
17	Ability to review and audit
18	Degree of responsiveness and compliance with controls and instructions issued by regulatory authorities

Third: Personal Traits	1	2	3	4	5	Notes
1	Ability to dialogue and present opinions
2	Appreciation of responsibility
3	Good conduct
4	Acceptance of guidance and readiness to implement them
5	Attention to appearance

---

Fourth: Relationships with Colleagues	1	2	3	4	5	Notes
1	Board of Directors
2	Supervisory departments affiliated with the Board of Directors
3	Employees
4	External Auditors

Strengths and other positive traits distinguished by him, not included in the previous elements

---

---

---

Weaknesses and negative traits characterized by him that affect his work, without duplication of previous elements

---

---

---

Bank Board of Directors