CIC Group Board Charter

CIC Group Board Committees

The Board in discharging its responsibilities by three Board Committees described below. The Committee Memberships are structured to spread responsibility and make best use of the range of skills across the Board.

Audit and Risk

The Committee’s main purpose is to assist the Board in discharging its duties regarding the safeguarding of assets, the operation of adequate systems, control processes and the preparation of accurate financial statements and reporting in compliance with all applicable legal requirements and accounting standards.

The scope of this committee includes risk management, as well as compliance with the regulatory requirements. The Committee is guided in its functions by a comprehensive Audit Committee Charter and the Internal Audit Department Charter. These are designed to provide a comprehensive framework for the audit function within the company.

Finance and Investment

The Committee’s purpose is to assist the Board in fulfilling its overall responsibilities with respect to the financial, investment and strategic planning affairs of the company.

The duties of the committee include receiving and considering the Company’s annual budget, reviewing the purchasing and tender regulations, disposal of major assets and considering recommendations on capital expenditure. It also reviews proposals involving capital developments, financing and investment proposals.

Governance and Human Resource

The Committee’s purpose is to provide focus on governance of the Group thereby enhancing its overall performance.  The Committee assesses the Board’s and Management’s performance and makes recommendations regarding Board and management effectiveness. It provides direction regarding on-going Board development and leads the process of recommending criteria for consideration when appointing new members to the Board.

The Committee has four main functions which are promoting good Corporate Governance practices in the Group, setting and overseeing the human resources and remuneration policy for the board and management, safeguarding policyholder’s interests and securing an ethical business environment within the group. This Committee was initially the Executive Committee.