Corporate Governance
ICEA subscribes to and embraces the principles of corporate governance. It strives to achieve the highest standards in accountability, integrity, fairness, responsibility and transparency. In pursuit of this objective, the company has put in place formal to corporate governance support structures. These structures are regularly reviewed strengthened.
At present, the corporate governance infrastructure encompasses the following:
Board of Directors
The board is composed of seven directors, with a diverse mix and experience. Six of the directors, including the chairman, are non executive.
The board is responsible for the corporate vision and mission, and ensuring financial soundness of the company. It deliberates upon and approves strategy and business plans, and monitors the performance of the company against set objectives. It also plays a critical oversight role in the way business is generally managed and conducted, and on how risk is evaluated and managed; in addition to ensuring the company’s due compliance with the relevant legal and statutory requirements.
The board meets at least three times a year. Its deliberations are guided by a clear agenda and comprehensive pre-prepared board papers, distributed in advance.
The duties and responsibilities of the chairman of the board and those of the company’s chief executive officer are separate and distinct.
Committees of the Board
A number of committees have been established to assist the board in the execution of matters concerning corporate governance. The committees are as follows:
Audit & Risk Committee
This committee assists the board in reviewing the effectiveness of internal controls, with special reference to financial control and reporting, development of and adherence to appropriate policies and procedures, the safeguarding of company assets, and monitoring risk management and compliance. It meets at least three times a year, or more frequently as the situation may demand, and is chaired by a non-executive director.
IT Committee
The IT Committee is charged with the responsibility of ensuring that the company has a documented long term information and communication technology strategy that is properly aligned to the company’s objectives and business plans. The committee is also responsible for ensuring that the company’s IT projects are implemented within the set time frames and budgets. It is chaired by a non-executive director and meets quarterly.
Investment Committee
The committee’s main responsibility is to ensure that the Company’s assets are invested in the most optimal manner, taking into account ideal asset allocation ratios and the potential returns derivable from the risks associated with available investment avenues and vehicles. It is chaired by a non-executive director, and meets quarterly.
