Nations Trust Bank’s strength in governance recognized at Best Corporate Citizen Sustainability Awards 2017



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Theja Silva, DGM - Legal, Company Secretary and Head of CSR, accepting the award on behalf of the bank


Nations Trust Bank’s strength in corporate governance was recognized by the Ceylon Chamber of Commerce at the recently held Best Corporate Citizen Sustainability Awards 2017 with the bank being presented the category award on "Governance". The award stands testament to the quality of its governance structure, best practices deployed and its board representation in guiding the bank in sustainable value creation over the long-term.


Some of the salient features of the robust governance framework include measures that go beyond compliance and code of best practice requirements such as the appointment of six independent directors instead of the four required, which has allowed the bank to source expertise, maintain board diversity (especially in terms of gender and age) and also ensure advocacy of rights of minority shareholders. Beyond the compliance requirements, the bank had also constituted a board sub-committee comprising of four directors including the senior independent non-executive director. This committee meets the corporate management at least once a month to discuss strategy and performance and report to the board. Bank has also set in place a whistleblowing framework with anti-bribery and anti-corruption policy and also has in place an anti-sexual harassment policy and framework.


With the guidance and expertise of the Board and the foresight of the Corporate Management, the bank has taken several bold steps in making transformational change in the financial industry. During the year, it launched Sri Lanka’s first digital bank, Frimi, in supporting the trajectory towards a digital, cashless economy. Having integrated biometric and trilingual capabilities to its mobile banking solution, the bank is attempting to make its services accessible with easy to use interfaces and is looking to enhance customer experience with data driven insights. The shift to digital had been embraced by the bank’s Board as far back as December 2011, with it moving towards a paperless solution and the bank is also amongst first to set up a dedicated function for big data and analytics, signifying this focus in creating a role as Chief Data Officer in 2016, with the Members of the Board playing a key role with guidance and support in this endeavor


 
 
 
 
 
 
 
 
 
 
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