Corporate Governance
The corporate governance of the Bulgarian American Credit Bank is a system and organization of internal management with certain functions, rights and responsibilities of all bodies - General Meeting of Shareholders, Audit Committee, Supervisory Board and its committees, Management Board and its committees, internal audit, compliance office, risk management structure and other structures in the headquarters and the office network. The Bulgarian American Credit Bank has a two-tier governance system, consisting of Supervisory Board and Management Board.
The Bulgarian American Credit Bank corporate bodies:
The General Meeting of Shareholders consists of all shareholders with voting rights and is the highest governing body that entitles the shareholders to make decisions on fundamental issues concerning the existence and operation of the Bank, in accordance with the provisions of the current Statutes (Charter) of the Bulgarian American Credit Bank and the applicable provisions of the acting Bulgarian legislation.
The Supervisory Board is the body that determines the development strategy and business objectives of the Bank and exercises general supervision and preliminary, current and subsequent control over the activities of the Bank’s Management Board. The Supervisory Board consists of three members-natural persons.
Members of the Supervisory Board
The activity of the Supervisory Board is supported by а Risk Committee, which functions in accordance with certain rules, structure, scope of activities and functions, in accordance with the requirements of the acting legislation.
As a corporation that carries out activities of public interest within the meaning of the Independent Financial Audit Act, a specialized body has been established and operates at the Bulgarian-American Credit Bank AD - Audit Committee with functions, rights and obligations, and responsibilities regarding financial audit, internal control and internal audit. The Audit Committee is elected by and reports to the General Meeting of Shareholders.
The Management Board is the body that manages and represents the Bank, performing its activities under the control of the Supervisory Board. The Management Board implements the development strategy of the Bank adopted by the Supervisory Board and resolves all issues within the Bank's activities, except those that are within the exclusive competence of the General Meeting of Shareholders or the Supervisory Board. The Management Board consists of five members - natural persons.
Members of the Management Board
The activity of the Management Board is supported by internal subsidiary bodies such as: Credit Committees, Assets and Liabilities Management Committee, Problematic Receivables Committee and similar, which the Management Board establishes, maintains and periodically updates and which operate in accordance with internal rules and procedures.
The Bulgarian-American Credit Bank maintains a Risk Management Structure, which identifies, assesses, measures and manages all risks to the Bank, as well as the internal and external sources of risk, in accordance with the policies and procedures adopted by the Supervisory Board and the Management Board and in accordance with the requirements of the acting legislation.
The Bulgarian-American Credit Bank maintains a function and Compliance Office, which provides adequate identification, measurement and management of the risk of non-compliance or violation of the law, regulations, standards, ethical codes of conduct and internal rules and procedures.
Internal audit (Specialized Internal Audit Service) assists the governance bodies - the Supervisory Board and the Management Board in making decisions and achieving the goals set through independent and objective assessment of the effectiveness and findings for improving the risk management, control and management processes.
Being a public corporation, the Bulgarian American Credit Bank discloses to the public (through the information agency www.x3news.com and its website www.bacb.bg ) on regular basis information, including the annual financial statements audited by independent auditors, as well as interim quarterly reports and activity reports. The Bank immediately discloses information ad hoc on important events related to its activities and in compliance with the applicable legal requirements regarding disclosure of information by public companies
