1. Corporate Governance Philosophy
The Corporation believes in adopting the best practices in the area of Corporate Governance. The Board, Management and staff are committed to upholding the core values of transparency, integrity, honesty and accountability which are fundamental to the Corporation.
2. Board of Directors
The Corporation’s Board of Directors consists of Nine (9) Members appointed by Government. The Board, who’s Members are Non-Executive Director, is led by a Non-Executive Chairman while the day to day running of the Corporation is undertaken by an Executive Director who is also a member of the Board and employed by the Corporation on specific contract terms.
The Directors are adequately exposed to the operations of the Corporation through initial induction forums and by regularly attending Directors training and workshops.
The Corporation’s Board is the ultimate organ accountable and responsible for the affairs of the Corporation and its performance, hence is responsible in establishing and overseeing financial and operational controls. It is given appropriate and timely information so that they can maintain full and effective control over all strategic, financial, operational and compliance issues.
The Board executes its business as the top organ of the Corporation through regular Board meetings. It has constituted the following sub-committees:
(a) Audit Committee
The Corporation’s Audit Committee composed of (4) four Non-Executive Directors is charged with the responsibility of ensuring the integrity of the financial statements before approval by the Board, continually ensuring the effectiveness of the Internal Control Systems and, assessing and evaluating the Corporation’s operational risk exposure. The specific terms of reference of the Audit Committee include: -
- To review compliance with internal control systems.
- To review the findings of the Internal Auditor relating to the various functions of the Corporation.
- To receive and consider the annual audited financial statements from the External Auditors.
- To receive and consider quarterly reports and accounts for the Corporation.
The Committee deliberates on business in meetings convened by the Executive Director. The Corporation’s Internal Audit Manager who is administratively supervised by the Executive Director, reports his audit findings to the Audit Committee, attends meetings and is the Secretary.
(b) Staff and General Purpose Committee
The Committee has (6) six Non-Executive Members. Its objective is to assist the Board in discharging its responsibilities in respect to Human Resource development and motivation.
Meetings are held as and when there is business to transact and any member of the Committee or the Executive Director may request for a meeting, at any time if they consider it necessary.
(c) Finance & Investments Committee
The Committee has (6) six Members and is charged with the task of overseeing the Corporation’s funds, reviewing, approving the investments plans and assessing business and operational risks.
The Committee meets frequently as required when there is business to transact. Any Committee Member or the Executive Director through the Corporation Secretary may convene a meeting.
3. Board Service Charter and Work Plan
The Corporation has developed and implemented a Board Service Charter which details out the various responsibilities of the members of the Board, their approach to business and ethical behavior.
Included in the Charter are methodologies of receiving and deliberating on information relating to Board business, decision making processes and directors independence and objectivity to board business.
The operations of the Board are guided by a work plan that is prepared, approved and adopted by the Board at the beginning of each financial year.
4. The Corporation’s Service Delivery Charter
The provision of efficient service to the public is now a priority to Government. The Rapid Results Initiative aims to mop up support and realize the achievement of this commitment. The Corporation therefore has prepared a service delivery charter which details out responsibilities of parties to the service being provided.
Through this charter the Corporation demonstrates clear commitments to effective and efficient delivery of service to the public which is premised on customer focus, achievement of results, teamwork, accountability, transparency, integrity, fairness and continual improvement.
The Corporation on its part is committed to delivery of service effectively and efficiently as spelt out in this Charter.