JCR Eurasia Rating assigns AA (Alb) to BKT for Corporate Governance
This is the first–ever such rating to an Albanian Company
Tirana, Albania (October 12, 2012) - JCR Eurasia Rating, by evaluating the corporate governance practices established within BKT, has assigned (AA(Alb)/Merit) for the overall level of compliance with the Albanian Corporate Governance Code and the regulations set by Albanian Ministry of Finance.
The Code, which was set by the Ministry of Economy, Trade and Energy with the assistance of IFC has been approved by the Business Consultative Council during December 2011 and published in the beginning of this year. The code, containing 14 principles, is widely in line with OECD principles and best practices on Corporate Governance.
The grade assigned to BKT signifies a Merit Level of Compliance with the principles of the code.
JCR Eurasia Rating is the Eurasian affiliate of Japan Credit Rating Agency, one of the most prestigious rating agencies in the world.
JCR-ER has observed that BKT has a well-defined and transparent organizational structure with balanced tasks and responsibilities accompanied by qualified management, existence of functional monitoring, audit, compliance and risk management systems, healthy relationship between the management and shareholders and regulatory authorities depending on mutual trust. BKT implements successfully several practices recommended by the OECD Corporate Governance Principles which are not part of the current corporate governance code of Albania – a fact that does not affect the Bank’s score. However, the successful implementation of these practices by the Bank’s management positively influences the governance quality of the Bank.
BKT is the first company in Albania to receive the corporate governance rating on compliance with the code. This proves once more the capability of BKT to be the pioneer not only in the services and products offered, but also in management.