On November 16, 2024, within the framework of the "Listed Enterprise Awards 2024" (VLCA 2024) to honor the best listed enterprises, SeABank was proud to be ranked first in the Top 10 Best Corporate Governance Enterprises (Midcap group). Along with that, the Bank was also honored in the Top 10 Annual Reports of the Finance sector.
These important awards demonstrate the effectiveness of the sustainable development strategy focusing on Environmental - Social - Governance (ESG), affirming SeABank's position, reputation and efforts over the past time.
Milestones in Corporate Governance
On the roadmap to implement a sustainable development strategy with a focus on ESG, improving governance capacity is an important core guiding the Bank's comprehensive sustainable development.
With this orientation, SeABank focuses on optimizing the sustainable governance model to create momentum for sustainable growth and ensure benefits for stakeholders.
The “2024 Listed Enterprise Awards” is jointly organized by the Ho Chi Minh City Stock Exchange, the Hanoi Stock Exchange, Dau Tu Newspaper and Dragon Capital Vietnam to improve the quality of corporate governance, ensure information disclosure obligations and encourage good ESG practices.
Accordingly, the program focuses on 3 major categories: Corporate Governance, Annual Report and Sustainability Report. Each category has its own strict process, set of criteria and Evaluation Council, with in-depth technical support from the International Finance Corporation (IFC), the Association of Chartered Certified Accountants (ACCA) and is reviewed by 04 leading international auditing companies in Vietnam.
“Winning the ‘double’ of 2/3 major award categories at VLCA 2024, especially the leading position in Corporate Governance, is an important milestone recognizing SeABank's outstanding progress in optimizing the sustainable governance model.
In addition, the award for the Annual Report demonstrates SeABank's proactive and transparent information in accordance with regulations, thereby affirming the Bank's position, reputation and efforts in ensuring the rights of shareholders and investors" - Mr. Fergus Macdonald Clark, an independent member of SeABank's Board of Directors with in-depth experience in the international market in risk management and sustainable development said.
Strengthening governance foundation for sustainable development
Throughout its operation, SeABank has been one of the pioneering banks in sustainable development with the orientation of firmly consolidating the foundation of corporate governance to create momentum for growth through the application of good practices of Vietnam and the world, perfecting the governance structure and optimizing the governance model, thereby ensuring the interests of shareholders, customers and stakeholders.
SeABank pioneered the application of good international practices on corporate governance such as the Corporate Governance Codes of IFC, G20/OECD, ASEAN Governance Scorecard, etc. At the same time, the Bank implemented Basel III risk management standards and completed all three pillars of Basel II ahead of schedule to ensure capital safety and sustainable liquidity.
SeABank is also the first bank to apply International Financial Reporting Standards (IFRS9) in financial reporting management and deploy the 3-line-of-defense management model along with the COSO international internal control system, minimizing risks thanks to the self-checking, monitoring and cross-checking functions between lines.
Regarding reporting and information disclosure, SeABank has implemented international reporting frameworks according to IFC, Basel III, IFRS..., and has made efforts to improve the quality of Annual Reports, Management Reports, and Sustainable Development Reports according to legal regulations and international reference frameworks such as GRI to make the Bank's information transparent to stakeholders.
Thanks to the above efforts, the Bank has been maintained by Moody's in 2024 at Ba3 with a Stable development outlook, reflecting high capitalization and stable asset quality.
Accordingly, SeABank has been trusted by international partners such as DFC, IFC, AIIB, Norfund... to invest more than 850 million USD. The recognition and trust in cooperation from international organizations has helped consolidate capital sources, provide technical support, and create momentum for sustainable growth for SeABank in the coming time.
In line with the sustainable development strategy, SeABank will continue to improve the overall efficiency of Banking Management, Risk Management, Human Resource Capacity Improvement, Organizational Culture, Social Security and Social Environment. Thereby, the Bank ensures a solid governance foundation to ensure sustainable business operations associated with the interests of customers, shareholders and stakeholders.
