Corporate Governance
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MDM Bank continues full-scale adoption of the highest international corporate governance standards. During 2007, major developments included changes to the Bank’s shareholder structure and the composition of the Board of Directors, a revision of the Bank’s 5-year strategy and improvements to internal audit processes.
In late 2004, the Bank’s shareholders and management concluded that sustainable development and the ability to compete successfully on the market would not be possible without a complete review of the existing management structure and a move towards full-scale adoption of international standards. Considerable attention has been paid to establishing control and management bodies through the formation of a balanced Board of Directors and Board Committees, staff changes at the senior executive level, upgrades to corporate procedures and the internal regulatory base, as well as reliable IFRS reporting.
Fulfilling its principal goal of protecting our shareholders’ interests, the Board maintains responsibility for the Bank’s overall strategy and overseeing mechanisms for supervision and control.