CIMB Group continued with its regionalisation agenda in 2009. It completed the acquisition of CIMB Thai, implemented the CIMB brand harmonisation across the region, integrated the Bank Niaga-Lippo Bank systems in Indonesia and launched the retail banking offerings in Singapore to become the bank with the largest branch network in the ASEAN region.
Amidst the uncertainties in the global market in 2009, the Group’s regional growth was well admired and has been acknowledged as the most integrated universal banking franchise and the leading universal banking group in the ASEAN region. The Group places utmost importance in the governance framework for its operations to ensure that the interests of all stakeholders are protected and as a safeguard in balancing the Group’s risk-taking activities and business prudence.
The Group’s governance effort was well recognised when the Group won Best Investor Relations in Malaysia award, second for the Best Managed Company in Malaysia and second for Best Corporate Governance in Malaysia by FinanceAsia’s Asia’s Best Managed Companies Poll 2009. The Group was also given a Distinction Award in the inaugural Malaysian Corporate Governance Index 2009 by the Minority Shareholder Watchdog Group and the Certificate of Merit Award in the National Annual Corporate Report Awards 2009.
The Board of Directors (Board) reiterates its full commitment and support for the Group’s initiatives to ensure highest standards of governance are practised throughout the Group. The Board has complete oversight and full transparency of the Group’s operations in the jurisdictions where it has presence. Whilst recognising the autonomy of the local jurisdictions and that there is compliance with local requirements, the Board also ensures that Group policies and procedures are adhered to.
The governance framework adopted by the Group is developed based on the principles and best practices recommended by the Malaysian Code on Corporate Governance (Revised 2007). As a listed financial services provider, the Group is also guided by the Bank Negara Malaysia Guidelines on Corporate Governance for Licensed Institutions, the Main Market Listing Requirements of Bursa Malaysia Securities Berhad as well as international best practices. Wherever the Group operates, it abides by the guidelines of the relevant regulators and authorities.