JCR-VIS reaffirms CGR of ABL

KARACHI: JCR-VIS Credit Rating Company Limited has reaffirmed the Corporate Governance Rating of Allied Bank Limited at "CGR-9+".

This rating is based on a scale ranging from CGR-1 (lowest) to CGR-10 (highest). The previous rating action was announced on Nov. 09, 2016, said press release Thursday.

The rating reflected presence of strong corporate governance framework at ABL underpinned by sound internal control environment, financial transparency and regulatory compliance.

The board consisted of seasoned professionals with diverse background. Performance evaluation of the board members and board committees had been completed according to the detailed guidelines regarding performance evaluation. A professional and experienced team managed the control functions. Periodic rotation of the Group Chiefs was considered positive for effective implementation of succession plan.

ABL had provided sufficient transparency and disclosures regarding financial reporting and other relevant company’s affair. The Bank had hired the services of one of the top practicing firm as external auditors.

The shareholders had smooth communication with the management. The Bank had taken various steps to further enhance relationship with employees. At the same time, the bank was focused on improving customer service.