Following the decision of the former Chairman and Deputy Chairman to step down from the board of directors of TBC Bank Group PLC and the subsequent appointment of Nikoloz Enukidze as the new Chairman, the Board has reviewed the governance structure of TBC's group of companies, taking into consideration the feedback from certain shareholders, the IFI partners and other stakeholders, - TBC Bank said in its statement on Tuesday.

According to the statement, taking into account all such feedback, as well as its experience of the benefits in having the same individuals in non-executive roles for both TBC PLC and JSC TBC Bank, it has introduced the 'Mirror Boards' governance structure.

Under the new structure : all non-executive members of the Board and the supervisory board of the Bank will be the same; Chairman of TBC PLC will also serve as the chairman of the Bank; Senior Independent Director ('SID') of TBC PLC will also serve as the SID of the Bank.

As a result of introduction of the 'Mirror Boards' governance structure, the following changes will also be introduced: Nikoloz Enukidze, the current chairman of the Board has been elected as the chairman of the Supervisory Board; Nicholas Domenic Haag, the current SID of TBC PLC sitting on the Board has been elected as the SID of the Bank and will be sitting on the Supervisory Board; and Arne Berggren has joined the Board as an independent Non-Executive Director with immediate effect.

At the same time, the Board has accepted resignation of Jyrki Koskelo from his roles as the chairman and member of the Supervisory Board with an immediate effect.

The Board believes that these changes will maximise efficiencies in the management and supervision of the Group's business and will add stability to the Group's governance. It is noted that the Board's structure will be consistent with the requirements of the UK Corporate Governance Code, including with respect to the independence of its chairman and there being a majority of independent non-executive members of the Board.

source: IPN/ interpressnews.ge/