Corporate Governance is the set of principles, processes and systems by which an organization is governed. They provide the guidelines on how an organization could be directed and controlled in order to achieve its objectives in a manner in which the Bank could ultimately add value to the organization and all its stakeholders. Better corporate governance leads to greater long term value.
We have in place a well-defined and well-structured governance framework. Our internal Code of Corporate Governance (the Code) incorporates applicable laws and regulations and sets out our practices for implementing the highest standards relating to corporate governance. The Code sets out the Standards the Directors and Key Management Personnel are required to maintain.
The Bank's Compliance Policy and Code of Conduct is an integral part of the Bank's governance framework and outlines the standards of professional and ethical conduct. The Bank’s Compliance Policy and Code of Conduct was reviewed and updated aligning it with the Bank’s vision, mission and values and making it a referral point for all governance related policies of Bank. The Bank’s governance framework is further supported by the implementation of a Group Anti-Bribery and Corruption Policy, a Group Securities Trading Policy and an IT Security Policy.
The Bank is governed by the Board and several Board appointed committees. The Board has overall responsibility for leading and controlling the Bank. The Board’s diversity plays a major role in this aspect as NDB’s Board consists of individuals who possess a diverse set of skills, knowledge and expertise. Further the Board embraces and encourages exchange of alternate views and ways of thinking. While board and management hold close ties to one another, their duties and responsibilities are distinctly different. The Board fully supports the Leadership Team who takes accountability in running the day to day operations of the Bank keeping in mind the agreed strategy. The Board is also supported by robust and independent risk, audit and compliance departments that provide effective oversight.
Keeping effective communication lines open with shareholders remains an important role of the Chairman and the Chief Executive Officer. The views of investors and key stakeholders are escalated to the Board. In order to encourage a healthy engagement with the Bank's customers and stakeholders the Bank has in place a regularly reviewed Customer Charter, a formal Complaint Handling procedure supported by a MIS system built in-house, a Communications Policy and a Disclosure policy.
Due to the fact that good governance is evolutionary in nature we continue to innovate and adapt our governance practices and framework to meet new demands and grasp new opportunities.
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National Development Bank PLC takes great effort in ensuring the wellbeing of all staff. The Bank firmly believes that an employee healthy in body and mind is able to create a more positive impact in the course of carrying out their duties at work which will in turn increase productivity. This undoubtedly will in turn increase productivity in their personal lives and in society at large.
In this light, the Bank encourages all staff to embrace a healthy work-life balance which is reflected in the many welfare programs that are organized. In addition, the Bank takes seriously the wellbeing of all staff while on duty at the Bank. In accordance with its Business Continuity Plan, the Bank has a team of trained first aid officers across the board, and trained psychological first aid officers who are available on site.
The Sports and Recreation Club (SRC) of the Bank provides all staff with a gymnasium that is available for use before and after working hours. Staff are encouraged to utilise these facilities which are fully equipped with state of the art equipment and personal trainers for guidance and support.
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