Page 57 - Continental Reinsurance 2022 Annual Report
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Board Evaluation Report for the
Board of Continental Reinsurance Plc
EXECUTIVE SUMMARY Some of the policies and other documents (including minutes
of Board and Board Committees meetings) were sighted and
HNC Professional Services was invited to conduct an assessed for content and relevance and were found to be well
independent evaluation/assessment of the Board of above average.
Continental Reinsurance Plc for the year ended December 31,
2022 Given this, we rate the board ‘Excellent’ in regulatory
compliance, accountability, and transparency with a score of
Continental Reinsurance has a history of over 30 years during 94%.
which they have established a wide network throughout
Africa to serve their clients. Their actions are rooted in In our opinion, The Board of Directors of Continental
translating their pan-African track record and commitment Reinsurance Plc has taken its oversight responsibility very
into local value. Their mission is to offer reliable reinsurance seriously. This is demonstrated by the attendance at Board and
security and services to their clients while delivering Committee meetings of the Directors and the depth of
sustainable value to their shareholders and other discussions and resolutions arrived at during these meetings.
stakeholders. At Continental Reinsurance, their conduct and In the period under review, (i) the Board met four (4) times, (ii)
decisions are guided by the values and principles that have The Audit and Compliance Committee met five (5) times, (iii)
shaped their organization over the last three decades, which the Board Nomination, Governance and Remuneration
include Commitment, Responsiveness, Trust, and Committee Committee met five (5) times, (iv) the Board
Sustainability. Enterprise Risk Management and Underwriting Committee
met five (5) times and (v) the Board Finance, Investment And
The main responsibility of the Board of Continental General Purposes Committee met four (4) times.
Reinsurance Plc. is to oversee the company’s business
strategy and business plan and to ensure that the While there is still room for improvement and continuous
Management of the Company is consistent with the director development, we are happy to state that the Board of
shareholders’ resolution and in compliance with the law. Continental Reinsurance Plc. conducted its affairs acceptably
and satisfactorily in 2022.
The Board comprises directors who are competent and
experienced with sound knowledge of business issues and For: HNC PROFESSIONAL SERVICES
experience in the insurance sector.
Hilda Nkor (Mrs.), ACIS, MNIM, MIoD
Peer assessment results showed that the Directors’ main areas FRC/2016/NIM/00000015618
of strength are Finance, Accounting, Logistics, and Transport Principal Consultant/CEO
both in the Board and Committees.
The following policies were considered during the exercise:
Amended Credit Control Policy, Anti bribery and Corruption
Policy, Compliance Policy, Whistle-blowing Policy, ERM
Framework Strategy, Strategy framework, Non Executive
Directors Remuneration Policy, Non-Audit Services Policy,
Board Charter, Data Protection Policy, Stakeholder
Management and Communication Policy.
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