On November 16, 2024, within the framework of the "Listed Enterprise Awards 2024" (VLCA 2024) to honor the best listed enterprises, Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB) was proud to be ranked first in the Top 10 Best Corporate Governance Enterprises (Midcap group). Along with that, the Bank was also honored in the Top 10 Annual Reports of the Finance sector. These important awards demonstrate the effectiveness of the sustainable development strategy with a focus on Governance - Environment - Society (ESG), affirming SeABank's position, reputation and efforts in recent times. Recently, Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB) was honored to be honored as the Best Places To Work in Vietnam 2024 announced by Anphabe and the Vietnam Federation of Commerce and Industry (VCCI). On November 27, 2024, at the headquarters of the Ethnic Committee, Member of the Party Central Committee, Minister, Chairman of the Ethnic Committee Hau A Lenh received Mr. Ha Vi, Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to Vietnam. Attending the reception were Deputy Minister, Vice Chairman of the Ethnic Committee Y Thong; leaders of a number of departments and units under the Ethnic Committee. Recently, the Department of Population - Family Planning of Dak Lak province coordinated with Buon Ma Thuot University of Medicine and Pharmacy Hospital to organize a training course on counseling, pre-marital health check-ups; screening, diagnosis and treatment of some prenatal and neonatal diseases and disabilities for grassroots health workers. Implementing Decision No. 1444/QD-UBND dated June 12, 2024 of the People's Committee of Trang Dinh district, recently, Trang Dinh district, Trang Dinh district People's Committee organized the launch of the Ethnic Musical Instrument Club. Since the beginning of 2024, the Department of Rural Development of Thai Nguyen province has actively coordinated with relevant units to implement the project to support production development in the agricultural sector under the National Target Program on Sustainable Poverty Reduction for the period 2021-2025 (Sub-project 1 of Project 3). Thanks to that, people have more favorable access to support resources to develop production, have the opportunity to escape poverty and stabilize the economy. In recent years, the association, cooperation, production and consumption of agricultural products have been focused on by the agricultural sector of Khanh Hoa province. This not only helps solve the output problem for farmers but also increases the value and sustainable development of Khanh Hoa's agricultural sector, especially in ethnic minority and mountainous areas. Chickens are raised and grazed under the canopy of anise forests, so in addition to feeding corn, bran, banana trees, they also take advantage of fresh food sources such as insects and natural grasses, diseases rarely occur and investment costs are also lower than caged chickens, the meat quality is firm and delicious, favored by the market. This is a new chicken farming model deployed in Quang Trung commune, Binh Gia district in 2024, opening a new direction in economic development for the people here. The summary news of the Ethnic and Development Newspaper, on November 25, has the following notable information: Hue Ao Dai is recognized as a National Intangible Heritage. Da Lat: Illegal deforestation increases. Fire dance of the Pa Then people. Along with other current news in ethnic minority and mountainous areas. With the strong development of modern technology in the 4.0 era, cross-border e-commerce activities are becoming a platform to help Vietnamese goods expand their market share, gradually conquering the international market. As part of a series of activities to celebrate the 4th Congress of Ethnic Minorities in Ho Chi Minh City - 2024; Continuing to promote the tradition of solidarity, mutual support and mutual assistance of collectives, individuals and philanthropists, on November 26, the Ho Chi Minh City Ethnic Committee in coordination with the Fatherland Front Committee - "For the Poor" Campaign Committee of District 8 and sponsors organized a Charity House handover ceremony for Mr. Lu Trieu Hung's family, residing at 435/26 Da Tuong, Ward 10, District 8. Implementing the National Target Program on Socio-Economic Development of Ethnic Minorities and Mountainous Areas, Phase I: 2021 - 2025 (National Target Program 1719), Quan Son District, Thanh Hoa Province has been strengthening the implementation of legal dissemination and education activities (PBGDPL). This is an important task, contributing to raising legal awareness, building a sense of respect and compliance with the law for ethnic minorities in particularly difficult villages and hamlets. In the process of digital transformation, applying information technology to production and social development according to Sub-project 2, Project 10, National Target Program on socio-economic development in ethnic minority and mountainous areas for the period 2021 - 2025, the district and commune authorities in ethnic minority and mountainous areas of Nghe An have made many efforts to promote the construction of digital government, e-government covering villages, better meeting the needs of local people. In recent years, Thuan Chau district (Son La province) has always paid attention to implementing policies to create momentum to promote comprehensive development in ethnic minority and mountainous areas. In particular, prioritizing investment in developing essential infrastructure helps ethnic minorities have more conditions for economic development and escape poverty.
Milestones in Corporate Governance
On the roadmap to implement a sustainable development strategy with a focus on ESG, improving governance capacity is an important core guiding the Bank's comprehensive sustainable development.
With this orientation, SeABank focuses on optimizing the sustainable governance model to create momentum for sustainable growth and ensure benefits for stakeholders. Thanks to that, SeABank has passed many rounds of appraisal and hundreds of businesses to lead the Top 10 Best Corporate Governance Enterprises (Midcap group). At the same time, SeABank was also honored in the "Top 10 Best Annual Reports - Finance group" for the 2023 Annual Report.
The “2024 Listed Company Awards” is jointly organized by the Ho Chi Minh City Stock Exchange, the Hanoi Stock Exchange, Dau Tu Newspaper and Dragon Capital Vietnam to improve the quality of corporate governance, ensure information disclosure obligations and encourage good ESG practices.
Accordingly, the program focuses on 3 major categories: Corporate Governance, Annual Report and Sustainability Report. Each category has its own strict process, set of criteria and Evaluation Council, with in-depth technical support from the International Finance Corporation (IFC), the Association of Chartered Certified Accountants (ACCA) and is reviewed by 04 leading international auditing companies in Vietnam.
“Winning the ‘double’ of 2/3 major award categories at VLCA 2024, especially the leading position in Corporate Governance, is an important milestone recognizing SeABank’s outstanding progress in optimizing its sustainable governance model. In addition, the award for the Annual Report demonstrates SeABank’s proactive and transparent information in accordance with regulations, thereby affirming the Bank’s position, reputation and efforts in ensuring the rights of shareholders and investors” - Mr. Fergus Macdonald Clark, an independent member of SeABank’s Board of Directors with in-depth experience in the international market in risk management and sustainable development, said.
Strengthening governance foundation for sustainable development
Throughout its operation, SeABank has been one of the pioneering banks in sustainable development with the orientation of firmly consolidating the foundation of corporate governance to create momentum for growth through the application of good practices of Vietnam and the world, perfecting the governance structure and optimizing the governance model, thereby ensuring the interests of shareholders, customers and stakeholders.
SeABank pioneered the application of good international practices on corporate governance such as the Corporate Governance Codes of IFC, G20/OECD, ASEAN Governance Scorecard... At the same time, the Bank implemented Basel III risk management standards and completed all three pillars of Basel II ahead of schedule to ensure capital safety and sustainable liquidity.
SeABank is also the first bank to apply International Financial Reporting Standards (IFRS9) in financial reporting management and deploy the 3-line-of-defense management model along with the COSO international internal control system, minimizing risks thanks to the self-checking, monitoring and cross-checking functions between lines.
Regarding reporting and information disclosure, SeABank has implemented international reporting frameworks according to IFC, Basel III, IFRS..., and has made efforts to improve the quality of Annual Reports, Management Reports, and Sustainable Development Reports according to legal regulations and international reference frameworks such as GRI to make the Bank's information transparent to stakeholders.
Thanks to the above efforts, the Bank has been maintained by Moody's at Ba3 in 2024 with a Stable development outlook, reflecting high capitalization and stable asset quality. Accordingly, SeABank has been trusted by international partners such as DFC, IFC, AIIB, Norfund... to invest more than 850 million USD. The recognition and trust in cooperation from international organizations has helped consolidate capital sources, provide technical support, and create momentum for sustainable growth for SeABank in the coming time.
In line with the sustainable development strategy, SeABank will continue to improve the overall efficiency of Banking Management, Risk Management, Human Resource Capacity Improvement, Organizational Culture, Social Security and Social Environment. Thereby, the Bank ensures a solid governance foundation to ensure sustainable business operations associated with the interests of customers, shareholders and stakeholders.
Established in 1994, SeABank is one of the leading joint stock commercial banks in Vietnam with more than 3.6 million customers, nearly 5,500 employees and 181 transaction points nationwide. SeABank's goal is to become a typical retail bank with a customer-centric strategy by providing a diverse system of financial products and services to individuals, small businesses and large enterprises. SeABank is considered one of the pillars in the banking system with a charter capital of VND 28,350 billion, ranked Ba3 by Moody's in many important categories, and is one of the first banks to implement Basel III international risk management standards.
According to the development strategy of "Digital Convergence", SeABank focuses on digitizing products and services as well as applying technology in internal operations and investing in building modern technology infrastructure to optimize processes, increase operational efficiency, bring customers a different experience of digital banking services, aiming to become the most favorite retail bank .
Source: https://baodantoc.vn/seabank-dan-dau-top-10-doanh-nghiep-quan-tri-cong-ty-tot-nhat-midcap-tai-vlca-2024-1732676983189.htm
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