Guaranty Trust Bank plc has been awarded ‘Best Corporate Governance, Africa,’ for the financial services category by the Ethical Boardroom Magazine UK.
The ‘Corporate Governance Award’ organised by Ethical Boardroom magazine recognises outstanding companies who have exhibited exceptional leadership in the area of governance and professional ethics to ensure protection and long-term value for all their stakeholders.
The award is an acknowledgement of the bank’s strong corporate governance practices, commitment to high standards of ethical leadership and compliance with regulatory standards.
According to Segun Agbaje, managing director/CEO, Guaranty Trust Bank, “GTBank has built a reputable institution which consistently adopts, implements and applies international best practices in corporate governance, service delivery and value creation for all its stakeholders.
“We are delighted to receive this award which affirms GTBank’s position as a one of the leading Banks in Africa whilst also reiterating and confirming our commitment to ethics, professionalism, integrity, quality service delivery, innovation and internationally accepted corporate governance standards.”
GTBank was the first Nigerian bank to be awarded an ISO 9001: 2000 certification by the International Standards Organisation and the first to adopt the IFRS reporting format. The bank has the best risk category rating assigned to any Nigerian bank by both local and international rating agencies (BB- by Standard & Poor’s and B+ by Fitch Rating), which is extremely compliant with international best practice and standards.
The bank ensures compliance with the Code of Corporate Governance for Public Companies issued by the Securities and Exchange Commission (‘the SEC Code’), the Code of Corporate Governance for Banks in Nigeria, Post Consolidation issued by the Central Bank of Nigeria (‘the CBN Code’), as well as disclosure requirements under the Disclosure and Transparency Rules of the Financial Services Authority (FSA) in the UK, which are applicable to non-UK companies with GDRs listed on the London Stock Exchange.
In addition to the Code of Corporate Governance, GTBank promotes the company’s core values to its employees through its Code of Professional Conduct and an Ethics Policy that regulates employee relations with internal and external parties.
GTBank has received several international and national awards from reputable organisations for its exceptional financial performance, innovation and excellent customer service delivery. Some of the awards received in 2014 include: the 2014 African Bank of the Year by African Banker, the 2014 Best Bank in Africa and Best Bank in Nigeria by Euromoney Magazine, 2014 Best Bank in Nigeria award by The Banker, 2014 Best Commercial Bank and Best Corporate Bank in Nigeria by International Finance Magazine, and 2014 Bank of the Year award by BusinessDay.