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Bernar Kari

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Bernar Kari

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Name

Bernar Kari

Your Country

United Arab Emirates

Company

AcuityX

Position

Partner

Gender

Male

Core Industries

Finance, Global Markets, Investment Banking, Strategy

Experience

A seasoned professional in the banking & financial institutions sector with over 29 years of experience. He began his career at HSBC Australia in 1994 across a number of positions in Finance, including Treasury & Global Markets Finance & then running the futures desk. He moved to HSBC Asia, where he went on to hold a number of senior management positions, including Deputy CFO & COO, Global Markets in Shanghai and MD, Head of Business Management for Hong Kong & Macau.

From 2014 to 2023, he was based in the Middle East with NBAD/FAB where he held senior management positions in Finance, Strategy & M&A, & more recently was the CFO for the Investment Banking, Corporate Banking & International Divisions.

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NEDs and Economic Substance (“ESR”)

Pursuant to ESR, certain companies deploying a “relevant activity” have to demonstrate that they have effective substance in their jurisdiction by satisfying a so-called “economic substance test”. ESR is in force in the UAE since 30th April 2019.

A company meets the test if it is directed and managed in the UAE and has adequate people, premises and expenditure in the country.

In this context, the composition and competence of the board of directors – composed of both executive director(s) and NED/s –, and the proper recording of minutes of all board meetings are key factors when assessing whether a company is compliant or not.

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