The Best Annual Bank Report competition will help improve corporate governance standardsKYIV, 29 SEPTEMBER 2008 – Ernst & Young and the Association of Ukrainian Banks have announced the start of the All-Ukrainian Annual Report and Bank Website 2007 competition. The competition has been held for four years running with the participation of Big Four audit firms and support from the AUB and mass media representatives. The competition aims to promote improvement of corporate governance standards in the Ukrainian banking sector and will be held in two nominations: Best Annual Report 2007 and Best Website of a bank. Participating banks can compete in one or both; winners will be determined in each nomination. “The competition is meant to encourage the improvement of existing corporate governance practices in Ukrainian commercial banks,” said Yulia Studynska, Ernst & Young partner and head of the Financial Services group. “First, banks themselves will benefit from this as the financial market will become more transparent and professional. Second, all market participants, including investors, shareholders and individual clients of banks, are interested in banks maintaining high corporate governance standards and disclosing information in annual reports. In fact, the name of the game is bank efficiency and reliability factors, reliable financial statements, risk management and internal controls.” Winners will be determined by a jury composed of representatives from the AUB, Ernst & Young, Deloitte, PricewaterhouseCoopers, KPMG, and other organizations, and will be announced at the victory ceremony to be held on 3 December 2008. To participate in the competition, the following documents should be sent:
The documents should be sent by 31 October 2008 to the following address: For further information, please contact Anastasiya Khutko, Ernst & Young, by telephone at (044) 490-3045 or email Anastasiya.Khutko@ua.ey.com; or Tamara Volynko, Association of Ukrainian Banks, by telephone at (044) 517-6022. In accordance with the Memorandum of Understanding and Cooperation between Association of Ukrainian Banks and international assurance and advisory companies Ernst & Young, PricewaterhouseCoopers, Deloitte, and KPMG, parties agree to jointly organize and hold All-Ukrainian Annual Report and Bank Website competition on an annual basis. International firms of the Big4 together with AUB act as the competition coordinator according to the schedule. The parties hope that their joint initiative will contribute to: improvement of existing practice of corporate governance in Ukrainian commercial banks; strengthening and enhancement of the role of non-government banking unions (associations and alliances) in Ukraine banking sector; and open and transparent dialogue regarding prospects of Ukraine banking system development. About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 130,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve potential. In Ukraine Ernst & Young established its practice in 1991. Ernst & Young Ukraine now employs more than 570 professionals providing a full range of services to a number of multinational corporations and Ukrainian enterprises. For more information, please visit ey.com/ukraine. Natalia Partach |
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