Co operative Insurance : Errata to the Annual Report of Co-operative Insurance Co. PLC 2021

Section	Corporate Governance Requirement CICPLC's Level of Compliance	Compliance
		Status
A.6	SUPPLY OF INFORMATION
	Principle: The Board should be	P
	provided with timely information, in
	a form and of a quality appropriate to
	enable it to discharge its duties.

ABOUT CICPLC

A6.1	The Management has an obligation to
	provide the Board with appropriate
	and timely information.
A.6.2	The minutes, agenda and papers
	required for Board Meetings should

be provided at least seven days before the meeting.

The Senior Management presents adequate information with regard	P
to new developments, proposed strategies, financial operations,
investment proposals, and etc. to ensure clear communication of
information.
Comprehensive Board Papers are sent to Directors in advance
of the Board Meetings, giving them sufficient time to be
prepared for the discussion.
The Board Secretary maintains record of Board discussion and
minutes of matters discussed by the Board.

EXECUTIVE MESSAGES

A.7	APPOINTMENTS TO THE BOARD
	Principle: There should be a formal	All new appointments to the Board are made following a formal and	P
	and transparent procedure for the	transparent procedure in accordance with Company Article.
	appointment of new Directors to the
	Board.
A.7.3	The Company should disclose	All appointments of new Directors are informed to the Shareholders
	information to the shareholders upon	at AGM. In addition, new appointments to the Board are done after
	the new appointment of Directors.	obtaining the approval from Insurance Regulatory Commission
		of Sri Lanka (IRCSL) according to the terms of the Regulation of
		Insurance Act.

LEADERSHIP

DISCUSSION

A.8 RE-ELECTION

All Directors including Chairman of the Board should be subject to election by shareholders at the first opportunity after their appointment, and to re-election thereafter at intervals of no more than three years.

In Accordance with the Company articles at each Annual General Meeting, One third of the Directors for the time being, or if their number is not a multiple of 03, the number nearest to (but not greater than) 1/3 shall retire from office.

MANAGEMENT AND ANALYSIS

A.9	APPRAISAL OF BOARD PERFORMANCE
	Principle: Boards should periodically	The Board appraised itself on its performance in the discharge of its	P
	appraise their own performance	key responsibilities in the Board meetings held during the year.
	in order to ensure that Board
	responsibilities are satisfactorily
	discharged.
A.10	DISCLOSURE OF INFORMATION IN RESPECT OF DIRECTORS
	Principle: Shareholders should be
	kept advised of relevant details in
	respect of Directors.
A.10.1	Annual Report should contain details	Information with respect to all Directors is disclosed in pages 30 to	P
	of all Directors.	page 33 in this Annual Report and where relevant.

FINANCIAL STATEMENTS

SUPPLEMENTARY

INFORMATION

FOCUSED ON THE BIG PICTURE

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