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.
Governance Structures
- 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.
Obligation to report suspicious transactions to NFIU
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Certificate of incorporation
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Our Communication Policy
At Union Bank, we uphold a robust communication policy that delineates the principles and protocols governing communication within our institution. This policy encompasses guidelines for the responsible use of our communication facilities, articulates our expectations for representing the bank in media and interactions with external stakeholders, and addresses various pertinent matters.
We are committed to transparency and accountability and encourage all stakeholders to familiarise themselves with our communication policy. For a detailed copy of this policy, please get in touch with the Corporate Communications and Marketing Department at inquiries@unionbankng.com.
