FINAFINANCIAL 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 | AXA MANSARD INSURANCE PLC |
ii. | Date of Incorporation | 23RD JUNE 1989 |
iii. | RC Number | 133276 |
iv. | License Number | RC-016 |
v. | Company Physical Address | 1412 AHMADU BELLO WAY, VI, LAGOS |
vi. | Company Website Address | www.axamansard.com |
vii. | Financial Year End | 2023 |
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 | OMOWUNMI ADEWUSI/1412 AHMADU BELLO WAY, VICTORIA ISLAND, LAGOS |
x. | Name and Address of External Auditor(s) | KPMG, KPMG TOWERS BISHOP ABOYADE COLE, VI, LAGOS |
xi. | Name and Address of Registrar(s) | DATAMAX REGISTRARS LIMITED/2C GBAGADA EXPRESSWAY, GBAGADA BY BEKO RANSOM KUTI PARK |
xii. | Investor Relations Contact Person (E-mail and Phone No.) | NGOZI OLA-ISRAEL Ngozi.ola-israel@axamansard.com 09095321068 |
xiii. | Name of the Governance Evaluation Consultant | DCSL CORPORATE SERVICES LIMITED |
xiv. | Name of the Board Evaluation Consultant | DCSL CORPORATE SERVICES LIMITED |
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 | KOLA ADESINA | CHAIRMAN/INED | MALE | 30/6/23 | |
2 | KUNLE AHMED | MD | MALE | 15/02/2012 | |
3 | RASHIDAT ADEBISI | ED | FEMALE | 14/02/2020 | |
4 | ABIOLA BADA | INED | FEMALE | 6/1/2022 | |
5 | GBOLA AKINOLA | NED | MALE | 30/6/2023 | |
6 | MARIANO CABALLERO | NED | MALE | 30/6/2023 | |
7 | MELINA COTLAR | NED | FEMALE | 6/4/2023 | |
8 | TOPE ADENIYI | NED | MALE | 14/02/2020 | |
9 | THOMAS HUDE | NED | MALE | 6/01/2022 | |
10 | LATIFA SAID | NED | FEMALE | 6/01/2022 |
2.
Attendance at Board and Committee Meetings:
S/No. | Names of Board Members | No. of Board Meetings Held in the Reporting Year | No. Board Meetings Attendedof in the Reporting Year | Membership of Board Committees | Designation (Member Chairman)or | Number of Committee Meetings Held in the Reporting Year | Number of Committee Meetings Attended in the Reporting Year |
1 | KOLA ADESINA | 4 | 2 | Not a member of any Committee as he is the Chairman of the Board | CHAIRMAN | Not a member of any Committee as he is the Chairman of the Board | 0 |
2 | KUNLE AHMED | 4 | 4 | 2 | Board Investment and Finance Committee (Member) Board Risk Management and Technical Committee (Member) | 4 4 | 8 |
3 | RASHIDAT ADEBISI | 4 | 4 | 2 | Board Investment and Finance Committee (Member) Board Risk Management and Technical Committee (Member) | 4 4 | 8 |
4 | ABIOLA BADA | 4 | 4 | 2 | Board Governance, Remuneration, Establishment and General-Purpose Committee (Chairperson)Board andAuditCompliance Committee (Chairperson) | 4 4 | 8 |
5 | MARIANO CABALLERO | 4 | 2 | 2 | Board Investment and Finance Committee (Chairman) Board Risk Management and Technical Committee (Member) | 4 4 | 2 1 |
S/No. | Names of Board Members | No. of Board Meetings Held in the Reporting Year | No. Board Meetings Attendedof in the Reporting Year | Membership of Board Committees | Designation (Member Chairman)or | Number of Committee Meetings Held in the Reporting Year | Number of Committee Meetings Attended in the Reporting Year |
6 | MELINA COTLAR | 4 | 3 | 1 | Board Risk Management and Technical Committee (Chairman) | 4 | 3 |
7 | TOPE ADENIYI | 4 | 4 | 1 | Board Investment and Finance Committee (Member) | 4 | 4 |
8 | THOMAS HUDE | 4 | 0 | 3 | Board Investment and Finance Committee (Member) Board Governance, Remuneration, Establishment and General-Purpose Committee (Member)Board andAuditCompliance Committee (Member) | 4 4 4 | 0 0 0 |
9 | GBOLA AKINOLA | 4 | 2 | 1 | Board Governance, Remuneration, Establishment and General-Purpose Committee (Member) | 4 | 2 |
1o | LATIFA SAID | 4 | 3 | 1 | Board Governance, Remuneration, Establishment and General-Purpose Committee (Member) | 4 | 3 |
Section D - Details of Senior Management of the Company
1.
Senior Management:
S/No. | Names | Position Held | Gender |
1 | KUNLE AHMED | CHIEF EXECUTIVE OFFICER | MALE |
2 | RASHIDAT ADEBISI | EXECUTIVE DIRECTOR, TECHNICAL AND CLIENT SERVICES | FEMALE |
3 | OYEDOYIN AWOYINFA | CHIEF COMPLIANCE OFFICER | FEMALE |
4
SOLA ODUMUYIWA
CHIEF INTERNAL AUDITOR
MALE
5
OMOWUNMI ADEWUSI
COMPANY SECRETARY
FEMALE
6
TEJU SCOTT
CHIEF RISK OFFICER
FEMALE
7
ADEKUNLE AKINBOWALE
CHIEF SECURITY OFFICER
MALE
8
CHIZURU NWANKWONTA
CHIEF TECHNOLOGY OFFICER
MALE
9
ABISOLA NWOBOSHI
GROUP HEAD, PROPERTY AND CASUALTY
FEMALE
10
ADEMOLA LAWSON
GROUP HEAD, ENERGY AND EMERGING CORPORATES
MALE
11
OLAJUMOKE ODUNLAMI
CHIEF MARKETING OFFICER
FEMALE
12
GANIU SHEFIU
CHIEF ACTUARY
MALE
13
ADEOLA ADEBANJO
GROUP HEAD, RETAIL SERVICES DIVISON
MALE
14
NGOZI OLA-ISRAEL
CHIEF FINANCIAL OFFICER
FEMALE
15
NDUBUISI ALU
CHIEF UNDERWRITING OFFICER
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 BOARD HAS AN APPROVED CHARTER/TERMS OF REFERENCE. THIS WAS LAST REVIEWED IN 2019 |
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 HAVE DIVERSE PROFESSIONAL QUALIFICATIONS AS WELL AS FINANCIAL AND TECHNICAL BACKGROUNDS. THEIR QUALIFICATIONS RANGE FROM FINANCIAL/ACCOUNTING BACKGROUND, AUDIT AND INSURANCE. |
ii) Does the company have a Board-approved diversity policy? Yes/No If yes, to what extent have the diversity targets been achieved? | YES THE COMPANY HAS A POLICY WHICH PROVIDES DIVERSITY, INCLUSION AND EQUALITY TO ALL STAFF IRRESPECTIVE OF THEIR GENDER, RACE, RELIGION, MARITAL OR SOCIAL CLASS. | |
iii) Are there directors holding concurrent directorships? Yes/No If yes, state names of the directors and the companies? | YES. MR. KOLA ADESINA - IS A DIRECTOR AT SAHARA GROUP, MR GBOLA AKINOLA IS A MEMBER OF THE BOARD OF DIRECTORS LACIAC, RASHIDAT ADEBISI- NED -AXA MANSARD INVESTMENTS LTD, AXA MANSARD HEALTH LTD AND APD LIMITED KUNLE AHMED- NED, AXA MANSARD HEALTH LTD TOPE ADENIYI- CEO, AXA MANSARD HEALTH LTD ,NED, AXA MANSARD INVESTMENTS LTD AND PENIEL APARTMENT LTD | |
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? | NED | |
Principles | Reporting Questions | Explanation on application or deviation |
iv) Is the Chairman a former MD/CEO or ED of the Company? Yes/No If yes, when did his/her tenure as MD end? | NO | |
v) When was he/she appointed as Chairman? | 30/6/23 | |
vi) Are the roles and responsibilities of the Chairman clearly defined? Yes/No If yes, specify which document | YES, THIS IS STATED IN THE BOARD TERMS OF REFERENCE AND HIS LETTER OF APPOINTMENT | |
Principle Director/ Officer 4: Chief Managing Executive "The ManagingDirector/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, THE MD/CEO HAS A CONTRACT OF EMPLOYMENT WHICH SETS OUT HIS AUTHORITY AND RELATIONSHIP WITH THE BOARD. |
ii)Does the MD/CEO declare any conflict of interest on appointment, annually, thereafter and as they occur? Yes/No | YES, THE MD/CEO DECLARES CONFLICT OF INTEREST ON APPOINTMENT, ANNUALLY AND THEREAFTER AS THEY OCCUR. | |
iii)Which of the Board Committee meetings did the MD/CEO attend during the period under review? |
| |
iv) Is the MD/CEO serving as NED in any other company? Yes/no. If yes, please state the company(ies)? | YES, NED-AXA MANSARD HEALTH LIMITED | |
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, THE ED HAS A CONTRACT OF EMPLOYMENT |
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, THE CONTRACT OF EMPLOYEMENT SETS OUT THE ROLES AND RESPONSIBILITIES | |
iii)Do the EDs declare any conflict of interest on appointment, annually, thereafter and as they occur? Yes/No | YES | |
iv) Are there EDs serving as NEDs in any other company? Yes/No If yes, please list | YES RASHIDAT ADEBISI, AXA MANSARD INVESTMENTS LIMITED, AXA MANSARD HEALTH LIMITED AND APD LIMITED | |
v)Are their memberships in these companies in line with Board-approved policy? Yes/No | YES | |
Principle 6: Non-Executive Directors Non-Executive Directors bring to bear their knowledge, expertise and independent judgment on issues of strategy and performance on the Board | 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 NEDs ARE DOCUMENTED IN THE LETTER OF APPOINTMENT |
ii) Do the NEDs have letters of appointment specifying their duties, liabilities and terms of engagement? Yes/No | YES, THE NEDS HAVE LETTERS OF APPOINTMENT STATING THEIR DUTIES, LIABILITIES AND TERMS OF ENGAGEMENT | |
iii) Do the NEDs declare any conflict of interest on appointment, annually, thereafter and as they occur? Yes/No | YES | |
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, THIS IS PROVIDED IN THE BOARD REPORTS PRESENTED EVERY QUARTER AT BOARD MEETINGS. | |
Principles | Reporting Questions | Explanation on application or deviation |
v)What is the process of ensuring completeness and adequacy of the information provided? | THE INFORMATION IS REVIEWED BY THE COMPANY SECRETARIAT WHICH IS ALSO VERIFIED BY THE GOVERNANCE CONSULTANTS. | |
vi) Do NEDs have unfettered access to the EDs, Company Secretary and the Internal Auditor? Yes/No | YES, THE NEDS HAVE UNFETTERED ACCESS TO THE ED, COMPANY SECRETARY AND INTERNAL AUDITOR. | |
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, THE INED MEETS THE CRITERIA PRESCRIBED UNDER SECTION 7.2 OF THE CODE |
ii)Are there any exceptions? | NO, THERE ARE NONE | |
iii)What is the process of selecting INEDs? | THE COMMITTEE RESPONSIBLE FOR NOMINATION AND GOVERNANCE ENSURES INTERVIEWS ARE CONDUCTED FOR SUCH DIRECTORS TO ENSURE THAT THE PROPOSED DIRECTORS ARE FIT AND PROPER PERSONS. ALSO, BACKGROUND CHECKS ARE CARRIED OUT ON THEIR SUITABILITY AND TO CONFIRM THEIR SHAREHOLDING STATUS. | |
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 | YES | |
vi) Does the Board ascertain and confirm the independence of the INEDs? Yes/No If yes, how often? What is the process? | YES. THE BOARD CONFIRMS THIS PRIOR TO APPOINTMENT BY CONDUCTING DUE DILIGENCE ON THE PROPOSED INEDS. THE GOVERNANCE AND NOMINATION COMMITTEE ENSURES THAT THE PROPOSED INEDS HAVE NO SHARES OR INTEREST IN THE COMPANY TO ENSURE THEY ARE TRULY INDEPENDENT | |
vii) Is the INED a Shareholder of the Company? Yes/No If yes, what shareholding? isthepercentage | NO, THE INED IS NOT A SHAREHOLDER OF THE COMPANY | |
viii) Does the INED have another relationship with the Company apart from directorship and/or shareholding? Yes/No If yes, provide details. | NO, THE INED DOES NOT HAVE ANY OTHER RELATIONSHIP WITH THE COMPANY ASIDES FROM DIRECTORSHIP | |
ix)What are the components of INEDs remuneration? | SITTING ALLOWANCE, DIRECTORS FEES;AND TRAVEL 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? | IN-HOUSE |
ii) What is the qualification and experience of the Company Secretary? | LEGAL PRACTITIONER WITH OVER 20 YEARS COGNATE EXPERIENCE, MEMBER OF INTERNATIONAL BAR ASSOCIATION, NIGERIAN BAR ASSOCIATION, CHARTERED INSTITUTE OF ARBITRATORS AND CHARTERED INSTITUTE OF SECRETARIES AND ADMINISTRATORS OF NIGERIA | |
iii) Where the Company Secretary is an employee of the Company, is the person a member of senior management? | YES, THE COMPANY SECRETARY IS A MEMBER OF SENIOR MANAGEMENT | |
iv) Who does the Company Secretary report to? | THE BOARD AND THE CHIEF EXECUTIVE OFFICER | |
v) What is the appointment and removal process of the Company Secretary? | THE BOARD IS RESPONSIBLE FOR APPOINTING AND REMOVAL OF THE COMPANY SECRETARY IN LINE WITH | |
Principles | Reporting Questions | Explanation on application or deviation |
THE PROVISIONS OF THE COMPANIES AND ALLIED MATTERS ACT 2020. | ||
vi) Who undertakes and approves the performance appraisal of the Company Secretary? | THE PERFORMANCE APPRAISAL OF THE COMPANY SECRETARY IS DONE AT THE END OF THE YEAR BY THE CHAIRMAN OF THE BOARD DURING THE BOARD EVALUATION EXERCISE. | |
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? | THE TERMS OF REFERENCE ALLOW FOR THE BOARD TO ACCESS INDEPENDENT ADVICE WHERE REQUIRED. |
ii) Who bears the cost for the independent professional advice? | THE COMPANY | |
iii) During the period under review, did the Directors obtain any independent professional advice? Yes/No If yes, provide details. | NO, THE DIRECTORS DID NOT OBTAIN ANY INDEPENDENT PROFESSIONAL ADVICE | |
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 OF THE PREVIOUS MEETING ARE SHARED WITH THE DIRECTORS. THE MINUTES ARE THEREAFTER APPROVED AT THE BOARD MEETINGS. |
ii) What are the timelines for sending the minutes to Directors? | THE MINUTES OF THE MEETING ARE CIRCULATED TO THE DIRECTORS WITH THE NOTICE OF MEETING AT LEAST 14 DAYS BEFORE THE MEETING. | |
iii) What are the implications for Directors who do not meet the Company policy on meeting attendance? | DIRECTORS ARE REQUIRED TO ATTEND 75% OF THE MEETINGS. IF THEY FAIL TO ADHERE TO THIS, THEY MAY BE REMOVED BY THE SHAREHOLDERS AT BOARD MEETINGS. | |
Principle Committees 11:Board "To ensure efficiency and effectiveness, the Board delegates some of its functions, duties and responsibilities to well-structured committees, without abdicating its responsibilities" | i) Do the Board Committees have Board-approved Charters which set out their responsibilities and terms of reference? Yes/No | YES, THERE ARE BOARD APPROVED CHARTERS/TERMS OF REFERENCE FOR BOARD COMMITTEES. |
ii) What is the process for reviewing and approving minutes of Board Committee of meetings? | THE MINUTES OF THE PREVIOUS MEETING ARE SHARED WITH THE DIRECTORS. THE MINUTES ARE THEREAFTER APPROVED AT THE BOARD COMMITTEE MEETINGS. | |
iii) What are the timelines for sending the minutes to the directors? | THE MINUTES OF THE MEETING ARE CIRCULATED TO THE DIRECTORS WITH THE NOTICE OF MEETING AT LEAST 14 DAYS BEFORE THE MEETING. | |
iv) Who acts as Secretary to board committees? | THE COMPANY SECRETARY AND MEMBERS OF THE LEGAL TEAM. | |
v) What Board Committees are responsible for the following matters?
| A) BOARD GOVERNANCE, REMUNERATION, ESTABLISHMENT AND GENERAL-PURPOSE COMMITTEE B) BOARD GOVERNANCE, REMUNERATION, ESTABLISHMENT AND GENERAL-PURPOSE COMMITTEE
| |
vi) What is the process of appointing the chair of each committee? | THE CHAIRMEN OF THE COMMITTEES ARE DETEREMINED BY THE BOARD. | |
Committee responsible for Nomination and Governance | ||
vii) What is the proportion of INEDs to NEDs on the Committee responsible for Nomination and Governance? | 1 INED: 2 NEDs | |
viii) Is the chairman of the Committee a NED or INED ? | INED | |
Principles | Reporting Questions | Explanation on application or deviation |
ix) Does the Company have a succession plan policy? Yes/No If yes, how often is it reviewed? | YES, THIS IS REVIEWED ANNUALLY | |
x) How often are Board and Committee charters as well as other governance policies reviewed? | IN ACCORDANCE WITH THE TERMS OF REFERENCE | |
xi) How does the committee report on its activities to the Board? | THE COMMITTEE PRESENTS ITS REPORTS TO THE BOARD THROUGH THE CHAIRMAN OF THE COMMITTEE AT THE BOARD MEETING AND THIS IS DOCUMENTED IN THE MINUTES OF THE BOARD. | |
Committee responsible for Remuneration | ||
xii) What is the proportion of INEDs to NEDs on the Committee responsible for Remuneration? | 1 INED: 2 NEDs | |
xiii) Is the chairman of the Committee a NED or INED ? | INED | |
Committee responsible for Audit | ||
xiv) Does the Company have a Board Audit Committee separate from the Statutory Audit Committee? Yes/No | THE COMPANY HAS A STATUTORY AUDIT COMMITTEE IN WHICH THE BOARD MEMBERS ARE ADEQUATELY REPRESENTED ON IT. | |
xv) Are members of the Committee responsible for Audit financially literate? Yes/No | YES, MEMBERS OF THE COMMITTEE ARE FINANCIALLY LITERATE | |
xvi) What are experience? theirqualificationsand | THEY ALL HAVE REQUISITE KNOWLEDGE OF ACCOUNTING, FINANCIAL ANALYSIS, AUDIT AND FINANCIAL REPORTING | |
xvii) Name the financial expert(s) on the Committee responsible for Audit | MRS ABIOLA BADA, ALHAJI SADIQ BELLO,AND MRS ADEBISI BAKARE & ASARI ETUK | |
xviii) How often does the Committee responsible for Audit review the internal auditor's reports? | QUARTERLY | |
xix)Does the Company have a Board approved internal control framework in place? Yes/No | YES, THERE IS A BOARD APPROVED INTERNAL CONTROL FRAMEWORK | |
xx) How does the Board monitor compliance with the internal control framework? | A REPORT ON THIS IS PRESENTED TO THE BOARD QUARTERLY AND PERFORMANCE IS MONITORED. | |
xxi) Does the Committee responsible for Audit review the External Auditors management letter, Key Audit Matters and management response to issues raised? Yes/No Please explain. | YES. THE AUDIT AND COMPLIANCE COMMITTEE REVIEWS THE EXTERNAL AUDITORS' MANAGEMENT LETTER AT THE END OF THE EXTERNAL AUDITORS' ENGAGEMENT, THE COMMITTEE REVIEWS THE EXTERNAL AUDITOR'S MANAGEMENT LETTER WHICH CONTAINS THE KEY AUDIT MATTERS AND MANAGEMENT RESPONSES. THE MANAGEMENT LETTER EXPLAINS ALL MATERIAL EXCEPTIONS NOTED WITH MANAGEMENT RESPONSE ON HOW TO ADDRESS THEM. THE COMMITTEE SEEKS CLARIFICATIONS FROM EXTERNAL AUDITORS AND MANAGEMENT AS IT RELATES TO THE AUDIT OF THE COMPANY'S FINANCIAL STATEMENTS AND MATTERS RAISED. THE COMMITTEE ALSO HAS PRIVATE DISCUSSIONS WITH THE EXTERNAL AUDITORS. THIS MEETING IS CALLED AN ''IN-CAMERA SESSION WITH THE EXTERNAL AUDITORS'' WHERE THEY DISCUSS ISSUES CONSIDERED PRIVATE. | |
xxii) Is there a Board-approved policy that clearly specifies the non-audit services that the external auditor shall not provide? Yes/No | YES | |
xxiii) How many times did the Audit Committee hold discussions with the head of internal | QUARTERLY (FOUR TIMES) |
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AXA Mansard Insurance plc published this content on 28 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2024 23:05:56 UTC.