Governance
Global Credit Data is run by a set of policies approved and regularly reviewed by the Board. Details about the main policies and procedures are below.
Information Security
These policies and procedures detail the basic requirements and responsibilities for the proper management of information assets at GCD. The documents specify the means of information handling and transfer within the Association. Overall, GCD aims to operate at the same level of information security as the best of its members.
Please refer to the following documents:
Academic Research
GCD’s Articles of Association lists as one of its objectives (3.1 (b)) “to contribute to a better understanding of credit risk” and in 3.1 (c) “to do all that is connected with the above or may be conducive thereto”. Article 15.1 specifies a decision to “publish Credit Data” as being of strategic importance and requiring prior approval of the General Meeting (as well as a 2/3 majority of the Data Pool participants).
The general meeting of members approved in December 2013 that the granting of access to GCD data for academic research and the publication of academic research does not constitute “publication of the Credit Data”. This was an important decision which means that Academic Research can therefore be treated as a confidential activity which is delegated to the Management Board. The right to approve academic research based on GCD data is expressed in this document: Procedure for approval to use GCD data in Academic Research.
Compliance
GCD’s Articles of Association stipulate that GCD members are banks or similar financial institutions. GCD members are themselves required to comply with a large number of regulations concerning conduct and behaviour. As GCD is wholly owned and controlled by its members, it is reasonable that they expect GCD to operate in a way that is consistent with their own conduct and behaviour.
Compared to its members, GCD conducts a very narrow range of operations and therefore many regulations and types of behaviour with which banks must comply are not applicable to GCD. However, in the areas which do apply, then GCD sets out compatible policies. Those not covered in the information protection or human resources policies are covered in the Compliance Policy.
Working Groups
GCD operates "working groups" for member discussions, research, or benchmarking in areas of common interest. Active working groups are listed on the 'Collaborations' page, from there you can learn more about participating and what the groups are working on. Material from these and older working groups is all available in the library.
Please see the following procedures which help understand working groups:
Human Resources
GCD has a geographically diverse membership base and its operations and executives are similarly spread globally. There is no Head Office location and therefore meetings of Board members, Methodology Committee, subcommittees, etc. are all conducted either online or in-person at diverse places throughout the world.
GCD has a suite of policies affecting employees, consultants, and office holders:
Administration
GCD's administration is well documented. Some of the procedures which directly affect members and office holders are shown below for reference.
Legal & Financials
Global Credit Data is incorporated as not-for-profit registered Association domiciled in The Netherlands under Dutch Law. This structure ensures that the aim of the Association is focused on providing benefits to its members as a result of their active participation; this means creating membership value, rather than shareholder value.
The activities and services provided by Global Credit Data are defined in
- the Articles of Association and
- the Data Pool Regulations (access for members only).
Data is pooled by the member banks in Global Credit Data on the basis of confidentiality, anonymity & comparability. The member banks remain owners of their own data but give a perpetual license (right of use) to the Association. Once aggregated, the data becomes a distinct data-set, which is owned by the Association, i.e. the Member-banks jointly.
The Articles provide that members of GCD must be legal entities (not persons) who are involved in financial services and able to share compatible data. Each member company gives power to one of its employees to act as a voting delegate in GCD's General Meeting of Members.
Article 20 of the Articles of the Association further defines for the organisation the
- Financial Year
- Annual Report and
- Annual Accounts.
The most recent Annual Report to the General Meeting of Members describes the current strategic activities, GCD's major projects and the Treasurer's report / Annual accounts of GCD (available for members only)..
Please contact us if you would like more information about legal, financial, statutory or voting matters.
