Our Code of Corporate Governance represents the core values upon which the Bank was founded and is designed to ensure accountability of the Board and Management to stakeholders. In our view, good corporate governance goes beyond adhering to rules and policies of the regulators, it is about consistently going the extra mile to create excellent value for our stakeholders using the best possible principles within a sustainable and enduring system.
Guaranty Trust Bank is guided by the following corporate governance codes:
- Code of Corporate Governance issued by the Securities and Exchange Commission
- Code of Corporate Governance for Banks in Nigeria Post Consolidation, issued by the Central Bank of Nigeria
- Additional requirements under the Disclosure and Transparency Rules of the UK Financial Services Authority.
Ultimate responsibility for the Bank’s operations resides with the Board of Directors, which comprises eight (8) Non-Executive Directors and six (6) Executive Directors, including two (2) Non-Executive Independent Directors whom are appointed based on criteria laid down by the Central Bank of Nigeria. The main Board of Directors operates a number of specialist committees and these are:
- Board Risk Management Committee
- Board Credit Committee
- Board Human Resources and Remuneration Committee
- Audit Committee.
Our Chief Compliance Officer monitors our performance against the Code of Corporate Governance, producing regular statutory reports which are sent to the Central Bank of Nigeria. We also publish guidelines on Whistle Blowing and a Code of Professional Conduct for Employees.
Furthermore, our Bank is a signatory to the Convention on Business Integrity, an organization established to empower business transactions within Nigeria against corruption and corrupt practices. The vision is to move the society towards a visible zero tolerance for corruption. It is hoped that in time it will reposition the idea that Nigerian businesses are fraudulent and instead foster international relationships that can lead to meaningful exchange.
Guaranty Trust Bank continually seeks to improve its Corporate Governance by ensuring that its Directors are people with integrity and proven track record. The Bank provides regular training for its Directors to keep them abreast of the changes in the industry and global financial market in order to enhance their corporate governance function.
The various policies in the Bank are reviewed periodically to conform to international best practices, such as Basle III for Enterprise Risk Management. The code of Corporate Governance will continue to be strengthened in line with the regulatory framework instituted by the Central Bank of Nigeria.