OREANDA-NEWS. On January 28, 2007 a well-known international business publication Euromoney once again made a special mention of the high standards of AsiaUniversalBank’s services, reported the press-centre of AsiaUniversalBank.

The Bank was awarded the title “Leader in the sphere of corporate governance in advancing Europe – 2007”. At the XIII Central and East European forum held in Vienna, Austria, the Bank’s representative was handed a certificate verifying Euromoney award.

This international award became another evidence of AsiaUniversalBank’s transparent activities and its effective organizational framework.

While making a decision on awarding the honor, Euromoney’s competent jury estimated such corporate governance factors as independent decision making process of the Board of Directors and the Board of Administration; they also reviewed whether a bank has independent Directors and a procedure of election of members of the Board of Directors, as well as their rights and duties; transparency of management and reporting systems; whether a bank undergoes international audit and, finally, presence of Committees and their work.

AUB’s corporate governance regulations are designed in consideration of the national legislation and the best international practice.

The Bank has a three-level governance:
the General stockholder meeting
the Board of Directors
the Board of Administration

Members of the Board of Directors are elected by the General stockholder meeting, who takes into consideration their work experience, education and managerial competence and skills. Besides, the Board of Directors structure includes independent members. For instance, Michael Mered, the ex-Representative of the IMF in the Kyrgyz Republic, as well as J. Bennett Johnston and Robert Dole, both ex-senators of the USA Senate, became the members of the Board of Directors in 2007.

The Board of Administration, assigned by the Board of Directors, executes the operational management of AsiaUniversalBank.