Scientific and Educational Center for Corporate Governance, which was established in compliance with the resolution of the President of the Republic of Uzbekistan dated September 30, 2015 No. PR-2414 “On measures for organization of activity of Scientific and educational center for corporate governance” carried out an assessment of the conformity of the corporate governance practice of ASIA ALLIANCE BANK to the Code of Corporate Governance.
The assessment was carried out in compliance with the methodology, which was approved by Scientific and Educational Center for Corporate Governance and the State committee of the Republic of Uzbekistan for assistance to privatized enterprises and development of competition.
As the results of the assessment, the corporate governance system of ASIA ALLIANCE BANK received “HIGH” mark with a score of 665.
In the process of the assessment, the Center analyzed the Bank’s corporate governance practice in the following nine basic criteria:
- procedures of preparation for introduction of the Code of Corporate Governance;
- observance of the recommendations of the Code;
- compliance of Bank’s organizational structure to the Code;
- competitive selection of the senior management;
- publication of financial statements in compliance with IFRS and ISA;
- introduction of modern management systems (ISO, ERP, R&D and others);
- information policy;
- financial results;
- other criteria.
Based on the results of the assessment, the recommendations for further improvement of corporate governance system in the Bank were developed.