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Winners of the Banks’ Annual Reports and Web Sites Competition Are Announced
The Banks’ Annual Reports and Web Sites Competition 2009 has now finished. The competition was run in accordance with the Memorandum on Cooperation between the Association of the Ukrainian Banks and the “Big Four” companies providing audit and advisory services that was signed back in 2007. This year, the competition was administered by KPMG in Ukraine.
Main assessment criteria for the participating banks’ annual reports were:
The participating banks’ web sites were assessed against the following criteria:
According to these criteria, the Jury that consisted of the representatives of the Association of the Ukrainian Banks, National Bank of Ukraine, and the “Big Four” firms has identified the winners.
In the nomination “Ukrainian banks’ annual reports for the year ended December 31, 2008”:
Winner – PJSC Joint Stock Bank “Ukrgasbank”;
Runner-up – PJSC “First Ukrainian International Bank”;
3rd position– PJSC “State Export and Import Bank of Ukraine”.
In the nomination “Ukrainian banks’ web sites”:
Winner – PJSC Joint Stock Bank “Ukrgasbank”;
Runner-up – PJSC “PrivatBank”;
3rd position – PJSC “Megabank”.
Commenting on the competition, Anna Parkhomenko, Audit Partner, KPMG in Ukraine, said: “It was a great honor for KPMG to administer this year’s Banks’ Annual Reports and Web Sites Competition. Comparing to the previous years, the number of the participants reduced. The number of the banks that provided their financial statements and opinions on them in the annual report and on the web site reduced as well if compared to the past years. Accordingly, in future we would hope to see more participants of the competition. This will become one of the criteria of the competition’s success measurement and the banks’ aspirations for openness and transparency”.
Vira Rychakivska, Chief Accountant – Director Department for Accounting of the National Bank of Ukraine (NBU), said: “NBU has always supported and will remain committed to supporting the Banks’ Annual Reports and Web Sites Competition. This competition stimulates banks to present information on their financial conditions and results. Although in general the participants took serious approach to the competition, there is room for improvement. Banks’ users often experience difficulties in assessing activities of a bank, its financial conditions and risk management systems applied in the bank, while all these indicators are extremely important under the current circumstances. This is why the Ukrainian banks that are going to get involved in the future competitions need to fully take into account specific assessment criteria to improve their information transparency which is an important measure of the bank’s reliability”.
The Banks’ Annual Reports and Web Sites Competition has been run in Ukraine since 2005. The aim of the competition is to encourage banks to present all the important activities-related information to their investors and clients.
- Materiality and completeness of disclosure of information.
- Presentation of financial statements prepared in accordance with the International Financial Reporting Standards (IFRS) and/or in accordance with the National Bank of Ukraine’s requirements to preparation and issuance of the financial statements by Ukrainian banks, as well as presentation of auditor’s opinion on financial statements.
- Disclosure of ultimate owners of the bank.
The participating banks’ web sites were assessed against the following criteria:
- Materiality and completeness of presentation of the information on the web site (including information on the bank, information on the bank’s shareholders, financial information and reporting, description and contact details for the bank’s regional branches, as well as contact information).
- Quality of presentation of the information on the web site.
- The web site’s design and navigation.
According to these criteria, the Jury that consisted of the representatives of the Association of the Ukrainian Banks, National Bank of Ukraine, and the “Big Four” firms has identified the winners.
In the nomination “Ukrainian banks’ annual reports for the year ended December 31, 2008”:
Winner – PJSC Joint Stock Bank “Ukrgasbank”;
Runner-up – PJSC “First Ukrainian International Bank”;
3rd position– PJSC “State Export and Import Bank of Ukraine”.
In the nomination “Ukrainian banks’ web sites”:
Winner – PJSC Joint Stock Bank “Ukrgasbank”;
Runner-up – PJSC “PrivatBank”;
3rd position – PJSC “Megabank”.
Commenting on the competition, Anna Parkhomenko, Audit Partner, KPMG in Ukraine, said: “It was a great honor for KPMG to administer this year’s Banks’ Annual Reports and Web Sites Competition. Comparing to the previous years, the number of the participants reduced. The number of the banks that provided their financial statements and opinions on them in the annual report and on the web site reduced as well if compared to the past years. Accordingly, in future we would hope to see more participants of the competition. This will become one of the criteria of the competition’s success measurement and the banks’ aspirations for openness and transparency”.
Vira Rychakivska, Chief Accountant – Director Department for Accounting of the National Bank of Ukraine (NBU), said: “NBU has always supported and will remain committed to supporting the Banks’ Annual Reports and Web Sites Competition. This competition stimulates banks to present information on their financial conditions and results. Although in general the participants took serious approach to the competition, there is room for improvement. Banks’ users often experience difficulties in assessing activities of a bank, its financial conditions and risk management systems applied in the bank, while all these indicators are extremely important under the current circumstances. This is why the Ukrainian banks that are going to get involved in the future competitions need to fully take into account specific assessment criteria to improve their information transparency which is an important measure of the bank’s reliability”.
The Banks’ Annual Reports and Web Sites Competition has been run in Ukraine since 2005. The aim of the competition is to encourage banks to present all the important activities-related information to their investors and clients.
© 2010 KPMG-Ukraine Ltd., a company incorporated under the Laws of Ukraine and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.
