Union Bank is committed to the highest ethics and transparency in doing business. We implement best practices in corporate governance, and the Executive Management Team is accountable to our stakeholders.
We conduct regular reviews and submit reports as part of compliance with the Code of Corporate Governance for banks, as mandated by the Central Bank of Nigeria (CBN).
Furthermore, a Board appraisal by an independently appointed consultant is also submitted to the CBN and presented to shareholders at the Annual General Meeting.
- The Board of Directors is composed of executive and non-executive members. Together, they perform oversight functions through the following committees:
- Credit: Review and approval of advances and credit facilities within its limit, as well as credit applications for senior management and above. In addition institutional policy change proposals reviews are carried out prior to presentation to the Board.
- Establishment and Services: Responsible for staff welfare and workplace relations, as well as policy formulation for strategy and succession processes. The appointment, promotions and discipline of senior management and above also rests here.
- Finance and General Purpose: Review and recommendation of the Bank’s accounts, budgets and all purchases requiring up to 30% of annual budget.
- Risk Management: Supervision of all risk related issues and detailed analyses of institutional risk management policies.
- Independent Audit: Transparency as a Union Bank value is openly demonstrated with shareholder representatives given direct access to the external auditors. Three representatives are appointed at the Annual General Meeting.