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Press Release :: Industrial and Commercial Bank of China (ICBC)

Logo Industrial and Commercial Bank of China (ICBC)ICBC was given the distinct honor of being one of the awardees in the 6th "Corporate Governance Asia Recognition Awards" held in Hong Kong by the Corporate Governance Asia earlier. The award was based on ICBC's good corporate governance practices, commercial insight, shareholders interest and social benefits. This is the second year in succession that ICBC has been given the award.

Corporate Governance Asia is the region's most authoritative journal on corporate governance. The winners were measured by a publicly-acclaimed track record of corporate governance, involvement in specific activities for corporate governance enhancement and the implementation of significant corporate governance related reforms over the previous 12 months in the areas of internal management, protection of shareholders interest, disclosure of information, operation of Board of Directors and the committees, investor relations and corporate social responsibility.

According to the ICBC spokesperson, ICBC is committed to the development of corporate governance as the foundation to core competitiveness. The enhancement has facilitated the building of a corporate governance framework that provides checks and balances through its constituents: the annual shareholder meeting, accountable Board of Directors and Board of Supervisors, as well as an experienced management team. ICBC has been able to maintain a framework that excels in risk management, internal audit and control, information disclosure, investor relations and corporate social responsibility.

Beginning from 2009, ICBC maintains a high standard of corporate governance and risk management to face the new challenging time of uncertainties and risks. ICBC has continued to develop and fine-tune the risk management systems, tools and processes to increase the independence of risk management. In terms of good corporate governance, ICBC follows the approach of "Scientific Decision, Effective Monitoring, Stable Operation" and has established policy and practical guidelines covering the set-up and members of the committees under the Board of Directors, the election of new independent Directors and supervisors on behalf of the staffs, the revision on articles of association. By adhering to the principles of "Trust, equitable, interactive", ICBC is taking all measures to maximize benefits to the investors and has therefore underpinned a "standard, efficient, sophisticated" platform to build relationship with the investors and increased the company value. Meanwhile, ICBC is committed to corporate social responsibility to ensure transparency, integrity and accountability and lay a solid ground to turn ICBC into a world-class financial firm of most profitable, most outstanding and most admired.

More than 30 awards from home and abroad in 2009 revealed the high regard which international investors, regulatory bodies and the public hold on the ICBC's unfailing efforts in pursuing high standard of Corporate Governance. They were: "Platinum Awards for All-Round Excellence" from The Asset, "Best Corporate Governance in China" from Finance Asia, "Best Corporate Governance Disclosure H-share Category - Platinum Award" from Hong Kong Institute of Certified Public Accountants, "Best Investor Relation", "Best Corporate Social Responsibility", etc.

Source: Industrial and Commercial Bank of China (ICBC)
Date: 07.07.2010
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