BUSINESS: 338 PRACTICES
National Bank of Greece leads the largest financial group in Greece and SE Europe, boasting a dynamic presence in 12 countries. Altogether, it runs 10 banks and 62 financial organizations.
Read more: www.nbg.gr
National Bank recognizes the fundamental importance of good corporate governance and strong compliance and internal control mechanisms to maintain a model of sustainable business development and to promote the interests of its shareholders, customers and employees, while contributing to economic and social progress of the country.
The Bank's Corporate Governance System aims to defend its interests in the long term, for the benefit of its depositors and customers, shareholders and other investors, employees and all other interested parties.
In perpetuity - During its long history, the Bank has implemented a high-level corporate governance framework, while it has categorically expressed its commitment to integrity and maintaining a high level of ethical behavior in all the Group's operations, and pledges that it will always strive to integrate the developments and to follow the best practices as well as to remain loyal to the Principles and Values that the Group follows.
Corporate governance includes all of the Bank's Principles and Rules that govern the relations between Shareholders, Management and interested parties.
The Bank's Corporate Governance Framework is determined by the provisions of Greek and European legislation, the rules of the Capital Market Commission, the Corporate Governance Code and regulations as well as the Bank's Articles of Association.
Furthermore, from 2013, in conjunction with the above, the special regulatory framework defining the Relationship Framework Agreement between the Bank and the HFSF, as amended in December 2015, and the Bank's obligations towards the Monitoring Commissioner ( Monitoring Trustee), which have now been incorporated into the Bank's Restructuring Plan approved by the European Commission. In addition, due to the fact that the US Securities and Exchange Commission continues to supervise the Bank in the US, the Bank is required to comply with the provisions of the legal and regulatory framework related to the trading of securities in the US (Sarbanes Oxley Act and SEC), in addition nor is it intended to adopt international best corporate governance practices.
With the aim of achieving a high level of corporate governance and strengthening the existing risk management framework, the Bank has adopted the following corporate governance best practices and policies, which are harmonized with its activities and ensure the transparency and efficiency of its operations:
•Corporate Governance Code of the Bank
• Nomination Policy for Members of the Bank's Board of Directors
• Conflict of Interest Prevention Policy for Senior Executives
•Policy for Affiliated Creditors
• Code of Ethical Behavior and Ethics
•Code of Ethics for Management and Financial Services
•Whistleblowing Policy
• Bank and Group Anti-Bribery Policy
•Remuneration Policy of the Bank and the Group
• Corporate Social Responsibility Policy of the Bank Group
• Insurance Coverage for members of the Group's Boards of Directors
•Policy of Donations, Sponsorships, Charitable Contributions and Other Related Actions of the Bank and the Group
•Environmental Declaration-Environmental Management System
National Bank integrates best practices and regulatory developments into its internal framework, while it aims to continuously strengthen the internal framework and governance principles.
In this context, the Bank ensures the continuous improvement of the operation of the Board of Directors and its Committees as well as their continuous evaluation. The Bank's Board of Directors ensures the publication of information to all interested third parties, enhancing their confidence and providing them with information on how the corporate governance framework is implemented.
Recognizing the importance of continuously maintaining a strong Internal Control System, the National Bank has adopted control mechanisms, while the three Pillars of the Internal Control System, consisting of the Regulatory Compliance, Risk Management, Internal Control Units, monitor and carry out checks on an ongoing basis basis so as to ensure compliance with the applicable regulatory framework and internal procedures. In addition, every three years a regular external audit of the Internal Control System is carried out by independent external auditors.
Good corporate governance plays an important role in strengthening public trust, while also helping to strengthen the relationship between customers and the Bank, facts reflected in the leading share of savings deposits held by National Bank, as it controls ¼ of retail banking.
National Bank implements procedures for the continuous evaluation of the Corporate Governance Frameworks followed by the subsidiary companies of its Group in the countries where they operate.
EXTERNAL INDEPENDENT AUDITORS
STAKEHOLDERS
Adherence to the currently applicable regulatory and legislative framework, international practices as well as the standards and norms of ethical behavior and ethics is for NBG a fundamental element of its corporate culture.
The principles of the Code of Ethical Behavior and Ethics of the Bank and the Group established by the Bank are based on the fundamental values it follows in the exercise of its business activity and take into account the written provisions deriving from the national, European and international legislative and regulatory framework. The Management and all the staff carry out their duties based on these principles, contributing to the protection of the interests of employees, customers and shareholders, the orderly functioning of the financial environment, as well as the maintenance and strengthening of reliability, solvency and reputation of the Bank and the Group.
National Bank's vision is to maintain its position as a strong bank in the country, continuing to be a key pillar of the development of the Greek economy. The good corporate governance practices applied by the Bank contribute to strengthening public trust, strengthening the relationship between customers and the Bank as well as protecting the interests of employees, customers and shareholders, the orderly functioning of the financial environment, as well as maintaining and strengthening the credibility, solvency and reputation of the Bank and the Group.
Awards: National Bank has received 6 awards in the last 2 years for the Corporate Governance Framework it has adopted.
