FUIB debuts in Corporate Governance in Ukraine 2013 rankings of best corporate governance practices

First Ukrainian International Bank (FUIB) systematically and consistently follows the best corporate governance practices. This was noted by Concorde Capital research team in the fourth Corporate Governance Standards 2013 study covering Ukrainian public companies. This year FUIB was included in these rankings for the first time.

The goal of this annual survey is to provide the stock market participants with the tools to help them to understand the corporate governance practices in companies operating in Ukraine better and to make informed investment decisions.

The survey covered 111 companies, stock or bond issuers listed at Ukrainian and international stock exchanges. The bond issuers have been included in the scope of the survey for the first time this year and have outperformed stock issuers by a number of criteria.

The 2013 survey absolute leaders by corporate governance quality are Astarta, Kernel, Myronivsky Hliboproduct, Mega bank, Ukrproduct, and FUIB, DTEK and Metinvest, which have been included in the survey for the first time this year.

The study evaluated the companies based on ten criteria that are important to investors and include the availability of high-quality financial reporting under IFRS, ownership structure, corporate structure and description of the business, minority shareholder rights protection, strategic risks, investor and public relations, the availability of guidance for investors, the level of publicity, the quality and efficiency of the provision of information on the corporate site.

According to the survey methodology, the companies have been divided into five investment categories depending on the scores they received. FUIB was included into Quality (best practices) category (category Q) with a maximum 10 out of 10 bond issuer score.

“FUIB top management is open for communication with investors and other stakeholders. We disclose our financial performance results and other important information on our bank timely and properly, at aim at further enhancing the openness and transparency of our business. We are very grateful to Concorde Capital analysts for their valuable study, which recognises issuers’ adherence to best practice and strengthens the standards of corporate governance in Ukraine,” noted Sergey Chernenko, Chairman of the Management Board of FUIB.

The project is a renewed corporate governance survey in Ukraine held by analysts from Concorde Capital from 2007. Full version of the survey report is available at http://rs.concorde.ua/research/corporate-governance/