28 March 2010
ADCB's corporate governance is best in UAE
Abu Dhabi, 28 March 2010: In February 2010, the World Finance Awards recognized ADCB's corporate governance as the best of any company in the UAE. This award follows ADCB's receipt, in November 2009, of an award from Hawkamah, the regional corporate governance institute, which classed ADCB's governance as the best of any bank in UAE.
World Finance is a leading financial publication, based in the UK. The Award recognizes ADCB's excellence in corporate governance. Winners from other jurisdictions include many well-known and globally respected companies such as Vodafone, Roche and Phillips.
The Bank's CEO, Mr. Ala'a Eraiqat commented "The Bank is very pleased to have received this award. We remain committed to leading the UAE, and setting an example in, governance practices. In particular, the Bank has maintained transparency during a period when it has mattered the most. Good governance remains essential to protect stakeholders' investments, and raise investor trust and confidence. We will continue to do all we can to ensure investors and stakeholders fully understand the Bank to which they commit capital."
Mr. Eraiqat recognized the continued support for governance initiatives received from the Bank's Chairman, Board of Directors and the Board’s Corporate Governance Committee. The Board Corporate Governance Committee was established in 2007 to oversee the development and implementation of corporate governance best practices in the Bank.
The Bank’s General Counsel & Board Secretary, Mr. Simon Copleston explained the many steps taken by ADCB towards achieving excellence in governance: “In November 2007 the Bank appointed IFC (a division of World Bank) to help build a 3 year ‘road-map’ to achieve excellent governance. The Bank has followed that ‘road map’ and exceeded it. The many improvements taken by the Bank during that period have included: Reorganization of Board practices and committees, establishment of the Board Corporate Governance Committee, reorganization of management committees, Board evaluations, improvements to the Bank’s articles of association, improved AGA disclosures and practices, and enhanced disclosures in the Bank’s annual report. During 2010 the Bank also expects to launch a scheme aimed at evaluating governance standards in borrowers in more detail. These actions have resulted in recognition for the Bank’s governance practices from World Finance, Hawkamah, IFC, World Bank, and others. It has also enabled the Bank to achieve other ‘firsts’ for UAE banking institutions, such as its recent bond issue into the US capital markets.’
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