LAHORE: VIS Credit Rating Company Limited (VIS) has reaffirmed the corporate governance rating of Allied Bank Limited (ABL) at ‘CGR-9+’, a statement said on Monday.
The rating signifies very high level of corporate governance. The previous rating action was announced on April 2, 2020, it added.
The corporate governance ratings are based on the evaluation of key governance areas of the rated institution, including regulatory compliance, ownership structure, composition and operations of the board of directors and executive management, self-regulation, financial transparency and relationship with the stakeholders.
The assigned rating incorporates a well-established corporate governance framework rolled out by the bank and supplemented by strong financial transparency and effectively functioning board and management level committees.
Management team of the institution comprises seasoned professionals, while stability in the same is a key rating contributor, the statement said. Level of financial and qualitative disclosures in the public domain is satisfactory, it said. Moreover, overall control environment of the institution is considered strong.
The rating reflects effective and proactive approach of the board for strategic alignment of the bank’s manifestos with implementation of the same by the management on both operational and tactical levels.
Source: The News