EVANSVILLE, Ind., April 18, 2006 (PRIMEZONE) -- The most recent Institutional Shareholder Services' Corporate Governance Quotient (CGQ(r)) index rating positioned Old National Bancorp (NYSE:ONB) at the top two percent among peer companies and the companies in the Russell 2000.
According to the most recent CGQ scores, Old National Bancorp outperformed 98.8% in the banking industry and 98.2% of the companies in the Russell 2000.
"Accountability is a core competency at Old National. We have created values to ensure that our board of directors and management team meet the highest standards in corporate governance and adhere to a stringent code of ethics," comments Larry Dunigan, Chairman of the Board for Old National Bancorp. "Our most recent CGQ index rating, placing Old National at the top two percent in the industry, validates our commitment to maintaining sound and defined corporate governance practices which are a core element to becoming a high performing organization and providing long-term shareholder value."
One of the most recent strategic imperatives established by Old National's Board of Directors is the stock ownership guidelines for the Executive Leadership Group, the senior management team of the company, as well as for the board members. The guidelines hold leadership to the highest standards of corporate governance and enhance the alignment of executive management and shareholder interests.
Corporate Governance Quotient (CGQ(r)), a corporate governance rating system provided by Institutional Shareholder Services on over 8,000 companies worldwide, evaluates the strengths, deficiencies and risks of a company's corporate governance practices and board of directors.
CGQ uses a comprehensive set of objectives and consistently applied criteria for each of the companies rated. The database includes underlying data points for up to 63 corporate governance variables, categorized under four areas of focus: 1) board of directors, 2) audit, 3) anti-takeover provisions, and 4) executive and director compensation. Some of the variables are reviewed together under the premise that corporate governance is enhanced when selected combinations of these variables are adopted. To facilitate analytical comparison, each company is scored individually, relative to its market index and its industry group.
With $8.5 billion in assets, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and ranks among the top 100 banking companies in the United States. Since its founding in Evansville in 1834, Old National has focused on community banking by building long-term, highly valued relationships with clients in its primary footprint of Indiana, Illinois and Kentucky. Focused on exceeding client expectations, the Old National team of financial professionals provides a broad range of services including retail and commercial banking, wealth management, insurance, and brokerage. For more information and financial trend data, please visit the company's website at www.oldnational.com.