NBAD wins Corporate Governance Award
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The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has won Hawkamah Bank Corporate Governance Award 2013 at Bankers Middle East Industry Award.
The annual Hawkamah Corporate Governance Award recognizes banks that have implemented extra policies and practices to improve corporate governance practice. Winning this award confirms NBAD’s superior governance practices in the industry.
“The Hawkamah Award is a valued recognition of NBAD’s commitment transparency and implementation of the highest standards in governance,” says Abdulla M. S. AbdulRaheem, the Deputy Group Chief Executive of NBAD.
NBAD was selected the winner by a prominent independent jury of international corporate governance banking experts. After reviewing all applications, the judges shortlisted the top five compliant Banks; NBAD emerged the winner after one-on-one interviews with all the finalists.
The criteria to assess the winner comprised of 1) commitment to good corporate governance; 2) structure and functioning of the board of directors; 3) control environment and processes; 4) disclosure and transparency; and 5) stakeholder/shareholders rights.
“At NBAD successive Boards of Directors have always ensured that the Bank adhered to the highest standards of corporate governance and corporate responsibility to ensure compliance and safeguarding of our shareholders and all other stakeholders of the Bank. NBAD’s commitment to regimen of exemplary practices has kept NBAD well protected from financial misfortunes over the past four decades,” says Samer Abdelhaq, the General Counsel and Head of Legal Department of NBAD.
Since 2009, NBAD has continuously been ranked in the World’s 50 Safest Banks, which is compiled by the prestigious Global Finance and the safest bank in the Middle East.
Despite ongoing global challenges, NBAD delivered another year of solid results by achieving strong growth and performance.The Bank managed to show stronger growth and performance last year. In 2012, the Bank delivered record top line revenues of AED 8.7 billion and net profits of AED 4.3 billion, representing growth of 10% and 17%, respectively. Return on average shareholders’ funds was 16.5%; assets grew 18% to over AED 300 billion, and capital adequacy ratios continued to be well in excess of the minimum thresholds required by our regulators.
NBAD continued to strictly follow and implement high standards of corporate governance practices. NBAD also introduced a key pillar of its long-term strategy, which is future Target Operating Model (TOM). TOM defines how NBAD will drive sustainable profitable growth by becoming more customer-driven, profit-focused and efficient while maintaining stronger governance framework. This is a bank-wide initiative which will redefine the way NBAD does business and ensures that we are well positioned to drive profit and growth.
“NBAD remains committed to achieving even higher standards of Corporate Governance to protect the interests of its valued stakeholders,” Mr. Abdelhaq says. “We see ourselves as a role model with respect to Corporate Governance practice as we have already implemented a number of Corporate Governance ‘best practices.”
The Hawkamah Bank Corporate Governance Award, launched by Hawkamah, the Institute for Corporate Governance, is a regional initiative that aims recognize, supportand encourage superior governance practices in the Banking sector in the Middle East and North Africa (MENA) region.