Corporate governance
The Board of Directors and Management Board both pay a special attention to the quality of corporate governance of the Bank, constantly improving the structure and methods of management.
Absolut Bank has the special system of internal control, which allows controlling the Bank’s activity, including: risk management functioning, operating power distribution, information flows management and information security ensuring.
The most important principle of Absolut Bank’s activity is information and business transparency. Following it, the management ensures strict observance of the international standards regulating the transactions and information flows of the Bank.
For the purpose of developing and improving the system of corporate governance Absolut Bank actively cooperates with International Finance Corporation (IFC) within the framework of «Technical Assistance Project on Russia Banking Sector Corporate Governance».
In the course of such cooperation IFC specialists assessed the Bank’s practices and produced recommendations which the Board if Directors and the Management Board of Absolut Bank plan to implement during 2006.
Strategic direction and plan of improvement of corporate governance is described in Declaration of Directors of Absolut Bank.
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