FBC Bank wins 2020 Excellence in Corporate Governance Awards
FBC Bank won three prestigious Corporate Governance Awards at the 8th edition of the Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) Excellence in Corporate Governance Awards prize presentation ceremony held at a local Hotel on Wednesday 09 December 2020.
The awards are listed below:
Best Banking Board Governance Practices,
Best Banking Risk Management Practices, and
Overall Best Corporate Governance Disclosures by a Banking Institution The ICSAZ 2020 Excellence in Corporate Governance (ECG) Awards report articulates that ECG winners exemplify excellence in corporate governance as expounded by various frameworks recognised as benchmarks for good corporate governance practice and reporting in Zimbabwe.
The scoring during adjudication is based on disclosures made in the Annual Report and other information sources that present evidence of internationally accepted best practices.
FBC Bank is one of the leading and best governed home-grown financial services institutions in the country. Over the years, the bank has demonstrated sustainable efforts towards maintaining robust corporate governance standards that are essential for creating long-term shareholder value.
Speaking on the sidelines of the Excellence in Corporate Governance Prize presentation ceremony, Tich Mabeza, Company Secretary, FBCH said: “We are proud of being recognised for maintaining top-notch corporate governance standards.
“As a matter of fact, these awards bear testimony to the FBC Bank Board’s dedication towards the principles of openness, integrity and accountability. As a leading financial services brand, we recognise the developing nature of corporate governance and continuously assess our institution’s compliance with local and international corporate governance practices.
“From a Risk Management and Internal Reporting Perspective, FBC Bank manages risk through a comprehensive framework of risk principles, organisational structure and risk processes that are closely aligned with the activities of the FBC Holdings Group. In line with the Group’s risk strategy, size and complexity of its activities, the FBC Bank Board established a risk governance structure and set responsibilities that are adequate to meet the requirements of a sound risk management framework.”
The composition of the FBC Bank Board shows a good mix of skills, experience as well as succession planning. The bank derives tremendous benefit from the diverse level of skills and experience of its Board of Directors which is responsible for setting the direction of the bank through the establishment of strategies, objectives and key policies. It also monitors the implementation of these policies through a structured approach to reporting and accountability.
Excellence in Corporate Governance Awards (ECGAs) were introduced in 2013 with the objective of promoting good corporate governance practices in Zimbabwe. The Awards recognise efforts of corporate boards for effectively leading their organisations in a sustainable, innovative and ethical way.
Over the past years the ECG Awards have become Zimbabwe’s most prestigious awards for corporate governance. The ICSAZ ECG Awards evaluate reported corporate governance practices of participants and the impacts of the actions of corporate boards in the environment and all the stakeholders.
The 2020 ECG Awards paid particular attention to whether the organisation’s corporate governance reporting provides concise communication about how the board went about directing the organisation’s strategy, governance, performance and prospects. Adjudication for the awards involved an evaluation of reported corporate governance practices by companies listed on the Zimbabwe Stock Exchange(ZSE), banking institutions, SEPs and insurance companies.