FINANCIAL REPORTING COUNCIL OF NIGERIA
(Federal Ministry of Industry, Trade & Investment)
FRC/CG/001: TEMPLATE FOR REPORTING COMPLIANCE WITH THE NIGERIAN
CODE OF CORPORATE GOVERNANCE 2018
Section A: Introduction
Corporate Governance is a key driver of corporate accountability and business prosperity. The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities' levels of transparency, trust and integrity, and create an environment for sustainable business operations.
The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the "Apply and Explain" approach in reporting on compliance with the Code. The 'Apply and Explain' approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.
This will help to prevent a 'box ticking' exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends practices to enable companies apply the principles, it recognises that these practices can be tailored to meet industry or company needs. The Code is thus scalable to suit the type, size and growth phase of each company while still achieving the outcomes envisaged by the principles.
This form seeks to assess the company's level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.
Please read the instructions below carefully before completing this form:
i. Every line item and indicator must be completed.
ii. Respond to each question with "Yes" where you have applied the principle, and "No" where you are yet to apply the principle.
iii. An explanation on how you are applying the principle, or otherwise should be included as part of your response.
iv. Not Applicable (N/A) is not a valid response.
Section B - General Information
S/No. | Items | Details |
i. | Company Name | CORONATION INSURANCE PLC |
ii. | Date of Incorporation | MARCH 14, 1958 |
iii. | RC Number | RC No.1647 |
iv. | License Number | RIC No.046 |
v. | Company Physical Address | 119 AWOLOWO ROAD, IKOYI, LAGOS |
vi. | Company Website Address | www.coronationinsurance.com.ng |
vii. | Financial Year End | DECEMBER 31, 2024 |
viii. | Is the Company a part of a Group/Holding Company? Yes/No If yes, please state the name of the Group/Holding Company | NO |
ix. | Name and Address of Company Secretary | MARY AGHA, 119 Awolowo Road Ikoyi Lagos |
x. | Name and Address of External Auditor(s) | ERNST & YOUNG UBA House, 10th Floor 57, Marina, Lagos, Nigeria |
xi. | Name and Address of Registrar(s) | CORONATION REGISTRARS LIMITED 9, Amodu Ojikutu Street, Victoria Island, Lagos |
xii. | Investor Relations Contact Person (E-mail and Phone No.) | JOSHUA OJUMOROjoshua.ojumoro@coronationinsurance.com.ng Tel. No.: 08057865599 |
xiii. | Name of the Governance Evaluation Consultant | Ernst & Young |
xiv. | Name of the Board Evaluation Consultant | Ernst & Young |
Section C - Details of Board of the Company and Attendance at Meetings
1. Board Details:
S/No. | Names of Board Members | Designation (Chairman, MD, INED, NED, ED) | Gender | Date First Appointed/ Elected | Remark |
1. | MR. MUTIU SUNMONU | CHAIRMAN | MALE | JANUARY 30, 2019 | APPOINTED AS CHAIRMAN EFFECTIVE APRIL 27, 2020 |
2. | MR. OLUSEGUN OGBONNEWO | NON-EXECUTIVE DIRECTOR | MALE | OCTOBER 25, 2017 | - |
3. | MRS. TITILAYO OSUNTOKI | INDEPENDENT NON-EXECUTIVE DIRECTOR | FEMALE | JULY 1, 2020 | - |
4. | MRS. OMOSALEWA FAJOBI | NON-EXECUTIVE DIRECTOR | FEMALE | JULY 1, 2020 | - |
5. | MR. ABUBAKAR JIMOH | INDEPENDENT NON-EXECUTIVE DIRECTOR | MALE | MARCH 8, 2021 | - |
6. | MRS. STELLA OJEKWE-ONYEJELI | INDEPENDENT NON-EXECUTIVE DIRECTOR | FEMALE | AUGUST 19, 2022 | - |
7. | MRS. IBIJOKE ADENUGA | NON-EXECUTIVE DIRECTOR | FEMALE | AUGUST 19, 2022 | - |
8. | MR. VICTOR ETUOKWU | NON-EXECUTIVE DIRECTOR | MALE | JULY 17, 2024 | - |
9. | MR. OLAMIDE OLAJOLO | MANAGING DIRECTOR | MALE | JUNE 17, 2021 | - |
10. | MR. ADEWALE ADENEYE | EXECUTIVE DIRECTOR TECHNICAL OPERATIONS | MALE | - |
2. Attendance at Board and Committee Meetings:
S/No. | Names of Board Members | No. of Board Meetings Held in the Reporting Year | No. of Board Meetings Attended in the Reporting Year | Membership of Board Committees | Designation (Member or Chairman) | Number of Committee Meetings Held in the Reporting Year | Number of Committee Meetings Attended in the Reporting Year |
1. | MR. MUTIU SUNMONU | 4 | 4 | NO | CHAIRMAN | - | - |
2. | MR. OLUSEGUN OGBONNEWO | 4 | 4 | BOARD INFORMATION TECHNOLOGY COMMITTEE | CHAIRMAN | 4 | 4 |
BOARD ENTERPRISE RISK MANAGEMENT COMMITTEE | MEMBER | 4 | 4 | ||||
BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE | MEMBER | 4 | 4 | ||||
BOARD ESTABLISHMENT & REMUNERATION COMMITTEE | MEMBER | 4 | 4 | ||||
3. | Mrs. Titilayo Osuntoki | 4 | 4 | BOARD ENTERPRISE RISK MANAGEMENT COMMITTEE | CHAIRPERSON | 4 | 4 |
BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE | MEMBER | 5 | 5 | ||||
BOARD ESTABLISHMENT & REMUNERATION COMMITTEE | CHAIRPERSON | 4 | 4 | ||||
BOARD AUDIT & COMPLIANCE COMMITTEE | MEMBER | 4 | 4 | ||||
4. | MRS. OMOSALEWA FAJOBI | 4 | 4 | BOARD ENTERPRISE RISK MANAGEMENT COMMITTEE | MEMBER | 4 | 4 |
BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE | MEMBER | 4 | 4 | ||||
BOARD ESTABLISHMENT & | MEMBER | 4 | 4 | ||||
S/No. | Names of Board Members | No. of Board Meetings Held in the Reporting Year | No. of Board Meetings Attended in the Reporting Year | Membership of Board Committees | Designation (Member or Chairman) | Number of Committee Meetings Held in the Reporting Year | Number of Committee Meetings Attended in the Reporting Year |
REMUNERATION COMMITTEE | |||||||
BOARD AUDIT & COMPLIANCE COMMITTEE | MEMBER | 4 | 4 | ||||
5. | MR. ABUBAKAR JIMOH | 4 | 4 | BOARD AUDIT & COMPLIANCE COMMITTEE | CHAIRMAN | 4 | 4 |
BOARD ENTERPRISE RISK MANAGEMENT COMMITTEE | MEMBER | 4 | 4 | ||||
BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE | MEMBER | 5 | 4 | ||||
BOARD INFORMATION TECHNOLOGY COMMITTEE | MEMBER | 4 | 4 | ||||
6. | MRS. STELLA OJEKWE-ONYEJELI | 4 | 4 | BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE | CHAIRPERSON | 4 | 4 |
BOARD ENTERPRISE RISK MANAGEMENT COMMITTEE | MEMBER | 4 | 4 | ||||
BOARD AUDIT & COMPLIANCE COMMITTEE | MEMBER | 4 | 4 | ||||
7. | MRS. IBIJOKE ADENUGA | 4 | 4 | BOARD ENTERPRISE RISK MANAGEMENT COMMITTEE | MEMBER | 4 | 4 |
BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE | MEMBER | 4 | 4 | ||||
BOARD ESTABLISHMENT & REMUNERATION COMMITTEE | MEMBER | 4 | 4 | ||||
BOARD INFORMATION TECHNOLOGY COMMITTEE | MEMBER | 4 | 4 | ||||
S/No. | Names of Board Members | No. of Board Meetings Held in the Reporting Year | No. of Board Meetings Attended in the Reporting Year | Membership of Board Committees | Designation (Member or Chairman) | Number of Committee Meetings Held in the Reporting Year | Number of Committee Meetings Attended in the Reporting Year |
8. | MR. VICTOR ETUOKWU | 4 | 2 APPOINTMENT EFFECTIVE JULY 17, 2024 | BOARD ENTERPRISE RISK MANAGEMENT COMMITTEE | MEMBER | 4 | 1 APPOINTMENT EFFECTIVE JULY 17, 2024 |
BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE | MEMBER | 4 | 1 APPOINTMENT EFFECTIVE JULY 17, 2024 | ||||
BOARD ESTABLISHMENT & REMUNERATION COMMITTEE | MEMBER | 4 | 1 APPOINTMENT EFFECTIVE JULY 17, 2024 | ||||
BOARD INFORMATION TECHNOLOGY COMMITTEE | MEMBER | 4 | 1 APPOINTMENT EFFECTIVE JULY 17, 2024 | ||||
BOARD AUDIT & COMPLIANCE COMMITTEE | MEMBER | 4 | 1 APPOINTMENT EFFECTIVE JULY 17, 2024 | ||||
9. | MR. OLAMIDE OLAJOLO | 4 | 4 | BOARD ENTERPRISE RISK MANAGEMENT COMMITTEE | MEMBER | 4 | 4 |
BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE | MEMBER | 4 | 4 | ||||
BOARD INFORMATION TECHNOLOGY COMMITTEE | MEMBER | 4 | 4 | ||||
10. | MR. ADEWALE ADENEYE | 4 | 4 | BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE | MEMBER | 4 | 4 |
Section D - Details of Senior Management of the Company
1. Senior Management:
S/No. | Names | Position Held | Gender |
1. | MR. OLAMIDE OLAJOLO | MANAGING DIRECTOR/CEO | MALE |
2. | MR. ADEWALE ADENEYE | EXECUTIVE DIRECTOR TECHNICAL OPERATIONS | MALE |
3. | MS. MARY AGHA | COMPANY SECRETARY/LEGAL ADVISER | FEMALE |
4. | MR. KAREEM MUSA | CHIEF INTERNAL AUDITOR | MALE |
5. | MR. NELSON MADU | HEAD INFORMATION TECHNOLOGY | MALE |
6. | MRS. NNEKA NATH-UDEZE | HEAD OPERATIONS | MALE |
7. | MR. UCHENNA OKANRANWALU | HEAD BANCASSURANCE | MALE |
Section E - Application
Principles | Reporting Questions | Explanation on application or deviation |
Part A - Board of Directors and Officers of the Board | ||
Principle 1: Role of the Board "A successful Company is headed by an effective Board which is responsible for providing entrepreneurial and strategic leadership as well as promoting ethical culture and responsible corporate citizenship. As a link between stakeholders and the Company, the Board is to exercise oversight and control to ensure that management acts in the best interest of the shareholders and other stakeholders while sustaining the prosperity of the Company" | i) Does the Board have an approved Charter which sets out its responsibilities and terms of reference? Yes/No If yes, when was it last reviewed? | YES. THE CHARTER IS REVIEWED PERIODICALLY AS MAY BE REQUIRED AND WAS LAST REVIEWED IN JULY 2023 |
Principle 2: Board Structure and Composition "The effective discharge of the responsibilities of the Board and its committees is assured by an appropriate balance of skills and diversity (including experience and gender) without compromising competence, independence and integrity " | i) What are the qualifications and experiences of the directors? | THE DIRECTORS POSSESS A MIX OF SKILLS AND COMPETENCIES AND ARE PERSONS WITH KNOWLEDGE OF THE INSURANCE AND FINANCIAL SERVICES INDUSTRY WITH THE ABILITY TO READ AND COMPREHEND FINANCIAL REPORTS AND ACCOUNTS WHICH IS KEY FOR A DIRECTOR OF AN INSURANCE COMPANY. PLEASE SEE ATTACHED THE PROFILES OF THE DIRECTORS IN APPENDIX A |
ii) Does the company have a Board-approved diversity policy? Yes/No If yes, to what extent have the diversity targets been achieved? | NO. THE BOARD SUCCESSION PLAN HOWEVER AIMS FOR A WELL-BALANCED DIVERSITY AND THE BOARD OF DIRECTORS REFLECTS AN APPROPRIATE MIX OF INDIVIDUALS WITH THE PROFESSIONAL EXPERIENCE, KNOWLEDGE, SKILLS AND GENDER | |
iii) Are there directors holding concurrent directorships? Yes/No If yes, state names of the directors and the companies? | YES PLEASE SEE ATTACHED APPENDIX B | |
iv) Is the MD/CEO or an Executive Director a chair of any Board Committee? Yes/No If yes, provide the names of the Committees. | NO | |
Principle 3: Chairman "The Chairman is responsible for providing overall leadership of the Company and the Board, and eliciting the constructive participation of all Directors to facilitate effective direction of the Board" | i) Is the Chairman a member or chair of any of the Board Committees? Yes/no If yes, list them. | NO. |
ii) At which Committee meeting(s) was the Chairman in attendance during the period under review ? | NONE | |
iii) Is the Chairman an INED or a NED? | THE CHAIRMAN IS A NON-EXECUTIVE DIRECTOR | |
iv) Is the Chairman a former MD/CEO or ED of the Company? Yes/No | NO | |
Principles | Reporting Questions | Explanation on application or deviation |
If yes, when did his/her tenure as MD end? | ||
v) When was he/she appointed as Chairman? | APRIL 27, 2020 | |
vi) Are the roles and responsibilities of the Chairman clearly defined? Yes/No If yes, specify which document | YES THE ROLES AND RESPONSIBILITIES OF THE CHAIRMAN ARE CLEARLY DEFINED IN THE CHARTER OF THE BOARD OF DIRECTORS AND IN THE BOARD SUCCESSION PLAN POLICY | |
Principle Director/ Officer 4: Chief Managing Executive "The Managing Director/Chief Executive Officer is the head of management delegated by the Board to run the affairs of the Company to achieve its strategic objectives for sustainable corporate performance" | i) Does the MD/CEO have a contract of employment which sets out his authority and relationship with the Board? Yes/No If no, in which documents is it specified? | YES |
ii) Does the MD/CEO declare any conflict of interest on appointment, annually, thereafter and as they occur? Yes/No | THE MD/CEO IS REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST UPON APPOINTMENT, AS THEY OCCUR AND ANNUALLY SUBSEQUENTLY THEREAFTER | |
iii) Which of the Board Committee meetings did the MD/CEO attend during the period under review? | THE MD/CEO IS A MEMBER OF THE BOARD FINANCE, INVESTMENT & GENERAL-PURPOSE COMMITTEE, THE BOARD ENTERPRISE RISK MANAGEMENT COMMITTEE AND THE BOARD INFORMATION TECHNOLOGY COMMITTEE AND ATTENDED ALL THE MEETINGS OF THE COMMITTEES IN THIS CAPACITY. THE MANAGING DIRECTOR WAS ALSO IN ATTENDANCE AT THE BOARD AUDIT & COMPLIANCE COMMITTEE AND THE BOARD ESTABLISHMENT & REMUNERATION COMMITTEE | |
iv) Is the MD/CEO serving as NED in any other company? Yes/no. If yes, please state the company(ies)? | YES THE MANAGING DIRECTOR IS A NON-EXECUTIVE DIRECTOR ON THE BOARD OF CORONATION INSURANCE GHANA LTD | |
v) Is the membership of the MD/CEO in these companies in line with the Board-approved policies? Yes/No | YES | |
Principle Directors 5: Executive Executive Directors support the Managing Director/Chief Executive Officer in the operations and management of the Company | i) Do the EDs have contracts of employment? Yes/no | YES |
ii) If yes, do the contracts of employment set out the roles and responsibilities of the EDs? Yes/No If no, in which document are the roles and responsibilities specified? | YES | |
iii) Do the EDs declare any conflict of interest on appointment, annually, thereafter and as they occur? Yes/No | YES THE EXECUTIVE DIRECTOR IS REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST UPON APPOINTMENT, AS THEY OCCUR AND ANNUALLY SUBSEQUENTLY THEREAFTER | |
iv) Are there EDs serving as NEDs in any other company? Yes/No If yes, please list | NO | |
v) Are their memberships in these companies in line with Board-approved policy? Yes/No | - | |
Principle Directors 6: Non-Executive Non-Executive Directors bring to bear their knowledge, expertise and independent | i) Are the roles and responsibilities of the NEDs clearly defined and documented? Yes/No If yes, where are these documented? | YES THE ROLES AND RESPONSIBILITIES OF THE NON-EXECUTIVE DIRECTORS ARE CLEARLY DEFINED IN THEIR LETTERS OF APPOINTMENT AS WELL AS IN THE CHARTER OF THE BOARD OF DIRECTORS |
Principles | Reporting Questions | Explanation on application or deviation |
judgment on issues of strategy and performance on the Board | ii) Do the NEDs have letters of appointment specifying their duties, liabilities and terms of engagement? Yes/No | YES |
iii) Do the NEDs declare any conflict of interest on appointment, annually, thereafter and as they occur? Yes/No | THE NON-EXECUTIVE DIRECTORS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST UPON APPOINTMENT, AS THEY OCCUR AND ANNUALLY SUBSEQUENTLY THEREAFTER | |
iv) Are NEDs provided with information relating to the management of the company and on all Board matters? Yes/No If yes, when is the information provided to the NEDs | YES THE NON-EXECUTIVE DIRECTORS ARE PROVIDED WITH INFORMATION RELATING TO THE MANAGEMENT OF THE COMPANY AND ON ALL BOARD MATTERS AS PART OF THEIR INDUCTION PROGRAM AND SUBSEQUENTLY AS THE NEED ARISES. DETAILED REPORTS ON THE MANAGEMENT OF THE COMPANY IS ALSO PROVIDED TO THE DIRECTORS DURING THE QUARTERLY BOARD REPORTS | |
v) What is the process of completeness and information provided? adequacy ensuring of the | REPORTS TO THE BOARD ON THE MANAGEMENT OF THE COMPANY ARE REVIEWED BY THE MANAGEMENT TEAM AND THE COMPANY SECRETARY SERVES AS A CENTRAL SOURCE FOR ENSURING GOOD INFORMATION FLOW BETWEEN THE BOARD, BOARD COMMITTEES AND SENIOR MANAGEMENT | |
vi) Do NEDs have unfettered access to the EDs, Company Secretary and the Internal Auditor? Yes/No | YES | |
Principle 7: Independent Non-Executive Directors Independent Non-Executive Directors bring a high degree of objectivity to the Board for sustaining stakeholder trust and confidence" | i) Do the INEDs meet the independence criteria prescribed under Section 7.2 of the Code? Yes/No | YES |
ii) Are there any exceptions? | NO | |
iii) What is the process of selecting INEDs? | THE COMPANY HAS A FIT AND PROPER PERSON POLICY WHICH GUIDES THE PROCESS FOR SELECTION OF NON-EXECUTIVE DIRECTORS. THE COMPANY ALSO HAS AN INDEPENDENT DIRECTOR POLICY WHICH DEFINES THE COMPANY'S APPROACH TO DETERMINING DIRECTOR INDEPENDENCE. BOTH POLICIES ARE INTERPRETED CONCURRENTLY IN THE SELECTION OF INDEPENDENT NON-EXECUTIVE DIRECTORS | |
iv) Do the INEDs have letters of appointment specifying their duties, liabilities and terms of engagement? Yes/No | YES | |
v) Do the INEDs declare any conflict of interest on appointment, annually, thereafter and as they occur? Yes/No | THE INDEPENDENT NON-EXECUTIVE DIRECTORS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST UPON APPOINTMENT, AS THEY OCCUR AND ANNUALLY SUBSEQUENTLY THEREAFTER | |
vi) Does the Board ascertain and confirm the independence of the INEDs? Yes/No If yes, how often? What is the process? | YES THIS IS DONE ANNUALLY IN LINE WITH THE PROCEDURE AS STATED IN THE INDEPENDENT DIRECTOR POLICY. | |
vii) Is the INED a Shareholder of the Company? Yes/No If yes, what is the percentage shareholding? | NO | |
viii) Does the INED have another relationship with the Company apart from directorship and/or shareholding? Yes/No If yes, provide details. | NO | |
Principles | Reporting Questions | Explanation on application or deviation |
ix) What are the remuneration? components of INEDs | ANNUAL DIRECTORS' FEES, SITTING ALLOWANCES AND REIMBURSABLE EXPENSES | |
Principle Secretary 8: Company "The Company Secretary support the effectiveness of the Board by assisting the Board and management to develop good corporate governance practices and culture within the Company" | i) Is the Company Secretary in-house or outsourced? | THE COMPANY SECRETARY IS IN-HOUSE |
ii) What is the qualification and experience of the Company Secretary? | THE COMPANY SECRETARY POSSESS OVER 25 YEARS EXPERIENCE IN LITIGATION, CORPORATE AND COMMERCIAL LAW AND CORPORATE GOVERNANCE PRACTICE IN NIGERIA AND WEST AFRICA. | |
iii) Where the Company Secretary is an employee of the Company, is the person a member of senior management? | YES | |
iv) Who does the Company Secretary report to? | THE COMPANY SECRETARY FUNCTIONALLY REPORTS TO THE BOARD OF DIRECTORS THROUGH THE BOARD CHAIRMAN AND ADMINISTRATIVELY REPORTS TO THE MD/CEO | |
v) What is the appointment and removal process of the Company Secretary? | THE COMPANY SECRETARY IS APPOINTED AND REMOVED BY THE BOARD OF DIRECTORS. THE PROCESS OF SELECTION OF A COMPANY SECRETARY IS THROUGH A RIGOROUS PROCESS TO ENSURE THE COMPETENCE, QUALIFICATION AND EXPERIENCE OF THE COMPANY SECRETARY | |
vi) Who undertakes and approves the performance appraisal of the Company Secretary? | THE PERFORMANCE APPRAISAL OF THE COMPANY SECRETARY IS APPROVED BY THE BOARD OF DIRECTORS | |
Principle 9: Access Independent Advice to "Directors are sometimes required to make decisions of a technical and complex nature that may require independent expertise" external | i) Does the company have a Board-approved policy that allows directors access to independent professional advice in the discharge of their duties? Yes/No If yes, where is it documented? | YES THIS IS REFLECTED IN THE CHARTERS OF THE VARIOUS BOARD COMMITTEES AND IN THE CHARTER OF THE BOARD OF DIRECTORS |
ii) Who bears the cost for the independent professional advice? | THE COMPANY | |
iii) During the period under review, did the Directors obtain any professional advice? Yes/No If yes, provide details. independent | YES INDEPENDENT PROFESSIONAL ADVICE WAS OBTAINED ON THE STATUS OF READINESS OF COMPANY FOR THE ICFR COMMENCEMENT | |
Principle 10: Meetings of the Board "Meetings are the principal vehicle for conducting the business of the Board and successfully fulfilling the strategic objectives of the Company" | i) What is the process for reviewing and approving minutes of Board meetings? | THE MINUTES ARE PREPARED AND CIRCULATED TO THE DIRECTORS FOR REVIEW AHEAD OF THE NEXT MEETING WHERE THE MINUTES WILL BE FORMALLY REVIEWED AND ADOPTED UPON A MOTION BY A BOARD MEMBER WHICH IS SECONDED BY ANOTHER BOARD MEMBER AND THE APPROVED MINUTES IS THEREAFTER SIGNED BY THE CHAIRMAN OF THE BOARD OF DIRECTORS. |
ii) What are the timelines for sending the minutes to Directors? | THE MINUTES ARE CIRCULATED AT LEAST 14DAYS BEFORE THE NEXT BOARD MEETING | |
iii) What are the implications for Directors who do not meet the Company policy on meeting attendance? | DIRECTORS THAT DO NOT MEET THE COMPANY POLICY ON MEETING ATTENDANCE MAY NOT BE RE-ELECTED. NONE OF THE DIRECTORS OF THE COMPANY HAVE HOWEVER DEFAULTED ON THE REQUIREMENT FOR MEETING ATTENDANCE | |
Principle Committees 11: Board "To ensure efficiency and effectiveness, the Board delegates some of its functions, duties and responsibilities to well-structured committees, | i) Do the Board Committees have Board-approved Charters which set out their responsibilities and terms of reference? Yes/No | YES |
ii) What is the process for reviewing and approving minutes of Board Committee of meetings? | THE MINUTES ARE PREPARED AND CIRCULATED TO THE DIRECTORS FOR REVIEW AHEAD OF THE NEXT MEETING WHERE THE MINUTES WILL BE FORMALLY REVIEWED AND ADOPTED UPON A MOTION BY A BOARD MEMBER WHICH IS SECONDED BY ANOTHER |
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