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Statement

About Us Corporate Governance Statement

Corporate Governance

At STACO Insurance Plc, we are commited to the highest standard of corporate governance in all our activities. The company conducts its business with integrity and gives due regard to the legitimate interest of its stakeholders.

Board Committees

In compliance with the code of best practice, the following committees were established,Click on each Committee to view details:

Audit Committee

Finance & Investment Committee

This committee reviews and recommends for approval to the Board, matters relating to the Investment of the Company`s Funds and all other assets of the Company. It also sees to the Financial and Budgetary Control and the overall performance of the company for the purpose of making appropriate recommendations to the Board.

Human Resource Committee

This committee reviews and recommends for approval to the Board, matters bordering on Board Appointments, Staff Compensation, Welfare, Promotions and Recruitment into senior management positions.

Company Secretary

All Directors have access to the services of the Company Secretary and could take independent professional advice at the Company`s expense. The Company Secretary is responsible for facilitating the induction and professional development of Board Members as well as ensuring information flow within the Board, its committees, the Non-Executive Directors and the Senior Management.

Executive Management

Under the leadership of the Managing Director, the Executive Management is responsible to the Board for the implementation of the strategies and policies approved by the Board, making and implementing operational decisions and running of the company.

Internal Audit

The company`s Internal Auditor reports to the Managing Director on the review of the company`s compliance with regulatory procedures. The department is guided by the instructions of the Audit Committee and Company`s Internal Audit Procedural Manual.

Environmental Health & Safety

The Company promotes the health of its employees, contractors, customers and the host community. It aims to comply with all applicable environmental, health and safety laws and regulations and to improve its performance in these areas. Environmental, health and safety matters are integrated into business decision-making and training is provided to ensure that Stakeholders are aware of the requirements of the Company`s Environmental, Health and Safety Guidelines.

Shareholder's Relation

The Company is committed to maintaining good relationship with all Shareholders through the Annual Report and General Meetings. Shareholders have access to the Company Secretariat for all enquiries and Directors are available to talk on an informal basis to Shareholders at Annual General Meeting. At least 21days Notice is usually given to shareholders for every Annual General Meeting held.

Compliance Issues

There has been no transaction or any other contractual relationships between the Company, its Board members and the Executive Managers, which are not covered by the legal provisions on Conflicts of Interest.

Market Abuse

The Use of Inside or Unpublished information about the Company in buying or selling of its shares is strictly forbidden. In order to comply with legislation on insider dealing and market manipulation (market abuse), Directors and Executive Management are expected to declare transactions on their own account in the Shares or other financial instruments of the Company. Where significant, such transactions will be disclosed to the market.

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