Corporate Governance

Corporate Governance

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ABC Bank has set in place structure of rules, practices and practices that direct and manage the company. We have in place a Board of Directors that is committed to create an environment of transparency, integrity and accountability necessary for fostering long-term investment, financial stability and business integrity.

The Directors are ultimately accountable to all stakeholders for ensuring that the Bank’s business is conducted in accordance with high standards of corporate governance.

Of particular importance to the Bank is the observance of shareholders’ interest, efficient practices and open corporate communication systems.

As a Bank not only are we committed to creating innovative value adding financial solutions but also a financially sustainable future. Environmental, Social & Governance (ESG) risks such as the Covid-19 pandemic, climate change among others exert influence on both financial and non-financial risks which may impact our stakeholders. Therefore we have embedded ESG into our risk management frameworks and review our processes and methods periodically to ensure sustainability. We have created sustainable products by taking into consideration ESG factors during product design, pricing and sales decisions.

Corporate Governance Awards

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The Bank has consistently demonstrated commitment to strong governance system, for which it has won awards in various categories since 2007.

The Champions of Governance (COG) Awards is an annual award program that objectively seeks to recognize institutions and individuals that exhibit the highest standards of practice of good governance. The program is conducted by the Institute of Certified Secretaries of Kenya (ICS).

The assessment process focuses on the performance in implementing and complying with principles of good governance of responsibility, accountability, fairness and transparency.

In a bid to further enhance transparency in the ownership structure of ABC Bank in line with the Central Bank of Kenya Prudential Guideline on Corporate Governance Clause 3.14.4, we disclose companies and individuals with more than 5 per cent shareholding as: Queens Holdings Ltd (25.000 percent), Mr. Ashraf Savani (24.996 per cent), Cartridge Recharge Kenya Ltd (24.985 per cent) and Mr. Yasin Bhura (18.182 per cent).

The percentage of the number of individual shareholders is 66.67 and the percentage of corporate shareholders is 33.33. The percentage of the number of local shareholders is 83.33, and the percentage of the number of  foreign shareholders is 16.67.

The Board of Directors comprises six highly qualified professionals with diverse professional backgrounds ranging from banking, legal and financial advisory services.

The six members:

1. Mr. Richard Omwela- Independent Non-Executive Chairman
2. Mr. Ashraf Savani- Non-Executive Director
3. Mr. Joseph Muiruri- Independent Non-Executive Director
4. Mr. Alban Mwendar- Independent Non-Executive Director
5. Mr. Shamaz Savani- Executive Director
6. Mr. Sridhar Natarajan- Executive Director

The Board is responsible for formulating the Bank’s policies and strategies and ensuring that business objectives, aimed at promoting and protecting shareholder value, are achieved. The Board also retains the overall responsibility for effective control of the Bank and implements its corporate governance policies.

For more details on the Board members click here