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Board and Board Committees

The Board has five (05) standing committees, to which various matters are delegated in accordance with their respective Charters. The Board also establishes committees on an ad hoc basis to deal with matters as and when deemed fit. In doing so, it specifies a remit, quorum and appropriate mix of executive and non-executive participation.

Risk Committee Role

The committee is primarily responsible for oversight over Sasria’s governance, internal control and risk management processes. It ensures that the disclosure regarding risk and opportunity is comprehensive, timely, and relevant and thus enhances the assurance stakeholders can place on the governance of Sasria as a result of the independence oversight the committee provides. The committee further ensures that disclosure of Sasria’s risk and opportunity information does not necessarily compromise sensitive information. The committee is further responsible for consideration of technical insurance and reinsurance matters of the company and making recommendation on these to the board.

Audit Committee Role

The primary objective of the committee is to assist the board in the effective discharge of its responsibilities with the ultimate aim of the achievement of Sasria’s objectives. The committee oversees the functions of financial management, internal control and governance, by reviewing financial statements, reports from the internal and external auditors, status of internal control and risk management and thus providing meaningful advice on sustainability of the company to the board and the shareholder.

Social & Ethics Committee Role

The Committee is primarily responsible for monitoring Sasria’s activities which relate to social and ethics matters, ensuring that the company behaves responsibly, commercially and environmentally having regard to any relevant legislation, legal requirements or prevailing codes of best practice.

Remuneration & Nomination Committee Role

The primary purpose of the committee is to oversee Sasria’s human resource requirements necessary to achieve Sasria’s strategic objectives, in the interest of all Sasria’s stakeholders. It considers; reviews and advises the board on human capital management and remuneration policies; staff development matters; trends in significant human capital indicators and proposes to the board any policy amendments required.

Investment Committee Role

The primary purpose of the Committee is to assist the Board in fulfilling its oversight of the asset management responsibility by monitoring, evaluating and reviewing the investments of Sasria. The Committee is responsible for ensuring that the appointed asset managers perform adequately and continue to produce good returns on the Sasria investments under their control.