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Corporate Governance & Our Business Principles |
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At the New LASACO, we take good effective corporate
governance seriously and in line with our resolve to
maintain the highest ethical standards and professionalism in
our business operations and practices, the Board has committed
substantial time and resources toward the development of a
Quality Policy Statement, a Code of Corporate Governance
and a Code of Professional Responsibility for our
directors, managers, and employees. These Codes
also derive from and reflect the recommendations and
Best Practices highlighted by the Securities and Exchange
Commission (SEC) Committee on Corporate Governance of
June 2000, which codes we have adopted at LASACO.
All the Codes are designed to work as a
self-evaluation mechanism ensuring better director
performance, improved management oversight and
general board effectiveness. They also reflect a
convergence of our core values and business
principles as earlier outlined above.
The Directors of LASACO are primarily responsible
for providing strategic direction for the company, which
work includes strategy formulation, policy making, strategic
planning, establishing and enforcing internal control systems,
supervision of the executive management and accountability to
shareholders and others. On the whole, the LASACO Board
ensures responsible and effective governance of the company.
The various responsibilities of the Board are discharged
through an effective Committee system, which ensures the active
participation of all Directors in the supervision, policy and
strategic direction of the company. At LASACO, there are
currently two standing Committees: Finance and
General Purposes Committee and the Establishment
Committee. In addition, there are the Audit Committee
made up of shareholders’ representatives and non-Executive
Directors and the Board of the reactivated LASACO Properties
Limited (RC No. 228346). Other Board Committees are
constituted on an ad hoc basis from time to time. |
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Finance
and General Purposes Committee |
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This Committee is responsible for defining acceptable accounting
standards, investment and risk management guidelines and
providing the required oversight for them. In this connection,
the Committee reviews investment policy and portfolio of the
company as well as the internal control systems while
recommending for Board approval investment and other matters,
which are considered strategic to the “financial health” of the
company.
The current members of the Committee are: |
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1. |
Dr. (Mrs.) Olutoyin Phillips – Chairman |
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2. |
Engr. Ashim Oyekan |
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3. |
Mr. O.O. Ladipo-Ajayi |
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4. |
Mr.
Babajide Wright |
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Establishment
Committee |
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The Establishment Committee has responsibilities for
Appointments, Promotions, Remuneration and all Human Resources
Management Activities. This, in part, underscores the
importance placed on our people strategy, i.e. seeking
and retaining employees who are or will be the best in their
field, providing competitive compensation and benefit plans, for
them, as well as doing succession planning, using effective
performance evaluation systems, training and development
programmes.
The Committee has the following members: |
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1. |
Mrs. Aduke Thorpe - Chairman |
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2. |
Mr. O.O. Ladipo-Ajayi |
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3. |
Dr. (Mrs.) T. Phillips |
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Audit
Committee |
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This Committee ensures that the company operates well within the
corporate governance framework of disclosure and
transparency. This implies that the timely and
accurate disclosure is made on all material matters
concerning the company, including the financial situation,
operating results, performance, ownership structure and
governance policies of the company.
The Audit Committee is therefore, charged with fulfilling certain key
functions, notably:
i)
Ensuring that company information
are prepared, audited and disclosed in accordance with
high-quality standards of accounting, financial and
non-financial disclosure, and audit.
ii)
That an annual audit is conducted
by an independent external auditor in order to give an objective
assurance on the way in which the company’s financial statements
have been prepared and presented.
iii)
Ensuring that board members and
others so authorized should have access to accurate, relevant
and timely information.
The current members of the Audit committee are: |
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1. |
Mr. W.A. Adegbite |
Chairman |
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2. |
Engr. Erikitola |
Shareholder/ member |
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3. |
Mr. S. O. Balogun |
Shareholder/Member |
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4. |
Engr. A.A. Oyekan |
Shareholder/Non-Executive Director |
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5. |
Dr. (Mrs.) T. Phillips |
Shareholder/Non-Executive Director |
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6. |
Mrs. A. Thorpe |
Shareholder/Non-Executive Director |
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LASACO
PROPERTIES LIMITED |
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This subsidiary of LASACO Assurance Plc, which
was incorporated on the 27th July, 1993 was
recently reactivated and its Board reconstituted to
emphasize the company’s renewed drive to strengthen its
real estate investment portfolio, particularly, as a key profit
and revenue growth area for LASACO in the coming years.
One of the important recommendations of the Transformation and
Growth Strategy (TAGS) is the need to expand the mandate
of the Properties Company to include the management of the
company’s investment portfolio, evolving into the
post-consolidation LASACO Properties and Investment Company
Limited.
Members of the Board of LASACO Properties Limited are: |
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Engr. A.A. Oyekan |
Chairman |
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Mr. O.O. Ladipo-Ajayi |
Member |
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Mr. Dorusinmi – Etti |
Member |
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Mr. O. Popoola |
Secretary |
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Mrs. I.A. Adewara |
General Manager |
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