Corporate Governance Statement
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TUKUTUKU NI KENA CICIVAKI NA KABANI
Principle
Requirement
Compliance Status
- 1. Establish clear responsibilities for board oversight
- 2. Constitute an effective Board
Board Sub-committees:
The board must have sub-committees which must at a minimum include
• Audit Committee
• Risk Management Committee and
• Nomination Committee/Recruitment Committee.
It ensures that individual directors and the Board as a whole work efficiently in achie.ring their functions towards the company.
The Board has formally constituted (4) sub
committees namely:
1. Audit & Risk Sub-committee;
2. Investment & Strategy Sub-Committee
3. Board Nomination & Remuneration Sub-
Committee
4. People & Leadership Sub-Committee
- 3. Appointment of Chief Executive Officer/Managing Director
- 4. Appointment of a Board Company and Secretary
Company Secretary: The Board to appoint a suitably qualified and competent Company Secretary, who is accountable to the Board,through Chair, for all compliance and governance issues.
- 5. Timely balanced and disclosure
Continuous Disclosure: General disclosures or company announcements are to be made in a timely manner. The disclosures should be factual without omitting material information and should be expressed in a clear and objective manner to shareholders.
- 6. Promote ethical and responsible decision-making
- 7. Register of Interests
- 8. Respect the rights of shareholders
- 9. Accountability and audit
Rotation of External Auditor: To appoint the external auditor for a fixed term requiring senior partner of the audit firm to rotate once in every three or less financial years.
- 10.Risk Management
Risk Management Policy: To establish a Risk Management Policy to address risk oversight, risk management and internal control. The Policy to clearly defines the roles and responsibilities of the Board, Audit committee, management and internal audit function.
Every member of the FHL continuously manages risk which includes the identification of all potential risks. However, specific risk management responsibilities are allocated to the FHL management team to ensure the Risk Management Policy is effectively implemented, maintained and monitored at all levels of the organization including:
- Board of Directors
- Audit & Risk Committee
- Group Chief Executive Officer
- Group Chief Financial Officer
- Group Manager Audit, Risk & Compliance
- Executive Management
- Employees & Contractors