Microbank Crystal’s approach to sustainable banking is governed by strict internal principles and standards, while fully complying with corporate governance requirements based on the Order No. 112/04 of the President of the National Bank of Georgia on the Approval of the Corporate Governance Code for Microbanks, as well as with high international corporate governance standards.
We consistently and purposefully implement measures to demonstrate our organizational commitment to strong corporate governance practices. Accordingly, our annual report includes a comprehensive matrix that reflects and confirms Crystal’s compliance with the applicable Corporate Governance Code.
At Crystal, the roles of Supervisory Board and Board of Directors are clearly segregated, and we have robust procedures in place to mitigate conflicts of interest. The full mandate of the Supervisory Board is set out in the Supervisory Board Policy, which is used to define its role and responsibilities and to regulate its activities. This policy establishes procedures, communication rules, and provides guidance on the management of conflicts of interest, as well as on the appointment and resignation of Board members. The Supervisory Board also conducts annual self-assessment procedures.
Supervisory Board Committees are as follow:
The purpose of the Risk Committee is to provide review and oversight across Crystal for risks, setting risk appetite and ensuring an appropriate risk framework, and to assist the Supervisory Board in overseeing risks across Crystal and coordinate with other Supervisory Board committees.
The purpose of the Committee is to provide oversight within the delegated powers of the Supervisory Board on the development and implementation of ESG issues by Crystal, and to provide support, advice and guidance. The Committee aims to ensure that ESG issues are a permanent priority in Crystal’s strategy, to monitor their implementation, and to consider and assess financial results as well as potential environmental and social effects of Crystal’s activities.
The purpose of the Audit Committee is to provide a structured, systematic oversight of the organization’s governance, risk management, and internal control practices. The Committee assists the Board and Management by providing advice and guidance on the adequacy of the organization’s initiatives for: Values and ethics Governance structure Internal control framework Oversight of the internal audit activity, external auditors, and other providers of assurance, Financial statements and public accountability reporting.