Corporate governance is understood as a system of controls over a corporate entity which defines the rights and responsibilities of the different
stakeholders in the corporation such as the Board, shareholders, managers and others.
Board of Directors
The Board comprises 6 members including the Managing Director. The Board is responsible for the stewardship of the company on behalf of shareholders
with the objective of creating long-term shareholder value, providing value for money to customers and value for distributors in a transparent and
compliant fashion.
Board Committees
The Board has established three approved committees: The Nomination, Remuneration & Governance Committee; The Audit & Compliance Committee
and The Investment Committee.
Nomination, Remuneration &
Governance Committee Responsibilities
* Monitor the establishment of an appropriate corporate governance framework
* Evaluate performance of Board members and the Managing Director
* Recommend and implement changes to Board and Board committee membership
* Recommend the remuneration and reward policy and the package of the Managing Director
Audit & Compliance Committee
Responsibilities
* Review and approve audited annual financial statements and review periodic financial reports
* Select external auditors and ensure their adherence to professional standards
* Oversee the internal audit program to monitor effectiveness of the internal control environment
* Assist in developing risk management framework
* Ensure compliance with all relevant regulations
Internal Audit
Internal Audit is an independent appraisal function which examines and evaluates the activities of the company. The objectives of the Internal
Audit function is to assist the Audit & Compliance Committee in the effective discharge of their responsibilities by furnishing them with
information, analyses, appraisals and recommendations concerning the activities reviewed and by promoting effective control at reasonable
cost. Internal Audit staff are authorised, within agreed plan and mandate, to review all areas of the Company and to have full access to
all Company activities, records, property and personnel.
Investment Committee
Responsibilities
* Monitor the impact of investment market and regulatory environment on Legal & General Gulf investments and recommend changes
as appropriate
* Monitor and review the investment performance and operational services of internal and external fund managers
* Monitor the operational management of unit-linked and other funds ensuring that these remain effective and that principles of fairness
are adhered to
The Board of Directors delegates responsibility for the day-to-day management of the business of the company to the Managing
Director who is supported by a senior management team. A body of policies and procedures has been developed and approved to
facilitate operational management and ensure compliance with regulations and best practice.
Management Committee
* Provide a forum through which senior management team exchange ideas and opinions on issues relating to company policy and strategy
* Act as the body authorised to implement the strategic directives from the Board
* Oversee development and application of approved policies and procedures
Policies and Procedures
The company continued to develop and enhance company policies and procedures in the course of 2010. These address a wide range of areas
including policies and procedures covering Anti-Money Laundering, Fraud and Financial Crime. The company has submitted its 2010 AML
report as required by the CBB.
