NTB recognized at Corporate Citizen Sustainability Awards

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By 2017-12-07

The Ceylon Chamber of Commerce recognized the Nations Trust Bank's strength in corporate governance at the recently held Best Corporate Citizen Sustainability Awards 2017. Bank bagged 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, a press release stated.

The governance framework includes 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 four directors, including a 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.

Nations Trust Bank CEO, Renuka Fernando noted, "We are really fortunate that we have a Board that is forward looking and long-term oriented and concerned about the impact on society and the environment. Their acumen, values and insights have enabled us, while safeguarding our current stakeholder interests, to make bold decisions about the future and make pioneering efforts in digitalization and innovation. We hope to build on this strength and remain continually engaged with our stakeholders to shape the sustainable future we desire", the release concluded.

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 to support 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 was back as on December 2011, with it moving towards a paperless solution and the Bank is also among the first to set up a dedicated function for big data and analytics, and becoming Chief Data Officer in 2016, with the Members of the Board playing a key role, the release added.

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