Press Release
JCR-VIS Reaffirms Corporate Governance Rating of Allied Bank Limited at CGR-9+
Karachi, February 11, 2019: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Corporate Governance Rating of Allied Bank Limited (ABL) at “CGR-9+”. This rating is based on a scale ranging from CGR-1 (lowest) to CGR-10 (highest). The previous rating action was announced on January 11, 2018.
The rating reflects presence of a well-established corporate governance framework at ABL supplemented by effectively functioning board and management level committees. The board comprises seasoned professionals. The recent addition of an independent female director in place of a non-executive director further strengthens the best practices environment. Appropriate arrangements are made for the orientation of new directors to acquaint them with their duties and responsibilities. Overall attendance of all board committee meetings was satisfactory and the minutes of these committee meetings are considered comprehensive with follow up in place on actionable items.
Level of financial and qualitative disclosures in the public domain is considered sufficient. The institution maintains healthy stakeholder relations and actively engages in social and welfare causes. Overall control environment of the institution is considered satisfactory with adequate internal audit, sound risk management measures and largely effective compliance in place. The Bank regularly updates its technology to the latest version to improve its efficiency and efficacy. In pursuit of ABL’s vision to provide innovative digital banking experience to its customers, the Bank has introduced various business solutions.
For further information on this rating announcement, please contact the undersigned at 021-35311861-70 or Mr. Maimoon Rasheed at 042-35723411-13.
Javed Callea
Advisor
Applicable Rating Criteria: Corporate Governance Rating (August 2017)
http://jcrvis.com.pk/docs/CGR-Methodology-201708.pdf