FINANCIAL REPORTING COUNCIL OF NIGERIA
(Federal Ministry of Industry, Trade & Investment)
FRC/CG/001: TEMPLATE FOR REPORTING COMPLIANCE WITH THE NIGERIAN
CODE OF CORPORATE GOVERNANCE 2018
Section A: Introduction
Corporate Governance is a key driver of corporate accountability and business prosperity. The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities' levels of transparency, trust and integrity, and create an environment for sustainable business operations.
The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the "Apply and Explain" approach in reporting on compliance with the Code. The 'Apply and Explain' approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.
This will help to prevent a 'box ticking' exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends practices to enable companies apply the principles, it recognises that these practices can be tailored to meet industry or company needs. The Code is thus scalable to suit the type, size and growth phase of each company while still achieving the outcomes envisaged by the principles.
This form seeks to assess the company's level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.
Please read the instructions below carefully before completing this form:
- Every line item and indicator must be completed.
- Respond to each question with "Yes" where you have applied the principle, and "No"
where you are yet to apply the principle.
- An explanation on how you are applying the principle, or otherwise should be included as part of your response.
- Not Applicable (N/A) is not a valid response.
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
Section B - General Information
S/No. | Items | Details | |||||||||
i. | Company Name | Courteville Business Solutions Plc | |||||||||
ii. | Date of Incorporation | 4th January, 2005 | |||||||||
iii. | RC Number | 613746 | |||||||||
iv. | License Number | NIL | |||||||||
v. | Company Physical Address | 38 Commercial Avenue, Sabo Yaba, | |||||||||
Lagos | |||||||||||
vi. | Company Website Address | www.courtevillegroup.com | |||||||||
vii. | Financial Year End | 31st | December | ||||||||
viii. | Is the Company a part of a Group/Holding Company? | Yes | |||||||||
Yes/No | |||||||||||
If yes, please state the name of the Group/Holding | Courteville Loss Adjusters Limited | ||||||||||
Company | |||||||||||
ix. | Name and Address of Company Secretary | Jackson, Etti & Edu | |||||||||
3-5, Sinari Daranijo Street, Victoria Island, | |||||||||||
Lagos | |||||||||||
x. | Name and Address of External Auditor(s) | Abax-OOSA Professionals. | |||||||||
18 Akanbi Street, South-West, Ikoyi, Lagos. | |||||||||||
xi. | Name and Address of Registrar(s) | Crescent Registrars | |||||||||
23, Olusoji Idowu Street, Ilupeju, Lagos. | |||||||||||
xii. | Investor Relations Contact Person | irs@courtevillegroup.com, | |||||||||
(E-mail and Phone No.) | 08028994830 | ||||||||||
xiii. | Name of the Governance Evaluation Consultant | DCSL Corporate Services | |||||||||
xiv. | Name of the Board Evaluation Consultant | DCSL Corporate Services | |||||||||
Section C - Details of Board of the Company and Attendance at Meetings | |||||||||||
1. Board Details: | |||||||||||
S/No. | Names of Board Members | Designation | Gender | Date First | Remark | ||||||
(Chairman, MD, INED, NED, | Appointed/ Elected | ||||||||||
ED) | |||||||||||
1. | Mr. Afam Edozie | Chairman | Male | 14th May, 2008 | |||||||
2 | Dr. Adebola Akindele | Group Managing Director | Male | 14th March, 2008 | |||||||
3 | Mr. Wale Sonaike | Executive Director | Male | 14th March, 2008 | |||||||
4 | Mr. Oye Ogundele | Executive Director | Male | 28th July, 2011 | |||||||
5 | Ms. Irunna Ejibe | Non-Executive Director | Female | 7th September, 2018 | |||||||
6 | Mr. Olufemi Adekoya | Non-Executive Director | Male | 7th September, 2018 | |||||||
7. | Mr. Ladi Sanni | Non-Executive Director | Male | 13th November, | |||||||
2018 | |||||||||||
2. Attendance at Board and Committee Meetings:
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
S/No. | Names of Board Members | No. of | No. of | Membership | Designation | Number of Committee | Number of |
Board | Board | of Board | (Member or | Meetings Held in the | Committee | ||
Meetings | Meetings | Committees | Chairman) | Reporting Year | Meetings | ||
Held in the | Attended | Attended in | |||||
Reporting | in the | the | |||||
Year | Reporting | Reporting | |||||
Year | Year | ||||||
1 | Afam Edozie | 4 | 4 | NIL | NIL | NIL | NIL |
2 | Adebola Akindele | 4 | 4 | NIL | NIL | NIL | NIL |
3 | Wale Sonaike | 4 | 4 | Risk | Member | 4 | 4 |
Management | |||||||
Committee | |||||||
4 | Oye Ogundele | 4 | 4 | NIL | NIL | NIL | NIL |
5 | Olufemi Adekoya | 4 | 4 | Audit | Chairman | 4 | 4 |
Committee | |||||||
Corporate | Member | 4 | 3 | ||||
Governance | |||||||
and | |||||||
Remuneration | |||||||
Committee | |||||||
Risk | |||||||
Management | Member | 4 | 3 | ||||
Committee | |||||||
6 | Irunna Ejibe | 4 | 4 | Audit | Member | 4 | 4 |
Committee | |||||||
Corporate | Chairperson | 4 | 4 | ||||
Governance | |||||||
and | |||||||
Remuneration | |||||||
Committee | |||||||
7 | Ladi Sanni | 4 | 4 | Risk | Chairman | 4 | 4 |
Management | |||||||
Committee | |||||||
Corporate | Member | 4 | 4 | ||||
Governance | |||||||
and | |||||||
Remuneration | |||||||
Committee | |||||||
Section D - Details of Senior Management of the Company
1. Senior Management:
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
S/No. | Names | Position Held | Gender |
1 | Mr. Iyanda Olabisi | Group Executive, Business | Male |
Olanrewaju | Development (Upcountry) | ||
2 | Mr. Olayiwola Adedayo | Deputy General Manager/Head, Risk | Male |
Management Department | |||
3 | Mr. Jude Onochie | Assistant General Manager, Investor | Male |
Relations and Strategy | |||
4 | Mr. Azeez Enitan Edunwale | Chief Financial Officer | Male |
5 | Mrs. Temitope Balogun | Group Head, General Services | Female |
6 | Mrs. Adedoyin Ademiluyi | Egole Pay | Female |
7 | Mr. Femi Oriyomi Alaka | Head, Compliance and Audit | Male |
Department | |||
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
Section E - Application
Principles | Reporting Questions | Explanation on application or deviation | ||||||||||||||||
Part A - Board of Directors and Officers of the Board | ||||||||||||||||||
Principle 1: Role of the Board | i) Does the Board have an approved Charter | Yes. | ||||||||||||||||
"A | successful | Company is | which sets out its responsibilities and terms of | The | current | Board | Charter was approved | by | the | |||||||||
reference? Yes/No | ||||||||||||||||||
headed | by | an | effective | Board of Directors during its 46th meeting held on 28th | ||||||||||||||
If yes, when was it last reviewed? | ||||||||||||||||||
Board which is responsible for | January, 2021. | |||||||||||||||||
providing | entrepreneurial | |||||||||||||||||
and | strategic | leadership | as | |||||||||||||||
well | as | promoting | ethical | |||||||||||||||
culture | and | responsible | ||||||||||||||||
corporate citizenship. As a link | ||||||||||||||||||
between | stakeholders | and | ||||||||||||||||
the Company, the | ||||||||||||||||||
Board is to exercise oversight | ||||||||||||||||||
and control to ensure that | ||||||||||||||||||
management acts in the best | ||||||||||||||||||
interest of the | shareholders | |||||||||||||||||
and other stakeholders while | ||||||||||||||||||
sustaining | the | prosperity | of | |||||||||||||||
the Company" | ||||||||||||||||||
Principle | 2: Board | Structure | i) What are the qualifications and experiences | Directors are appointed to ensure an appropriate | ||||||||||||||
and Composition | of the directors? | balance of skills, qualifications, and experiences. | ||||||||||||||||
"The | effective | discharge | of | The Board of the Company is composed in such a | ||||||||||||||
way | that | facilitates the | diversity | of | experience | |||||||||||||
the | responsibilities | of | the | |||||||||||||||
without | compromising | the | independence, | |||||||||||||||
Board and its committees is | ||||||||||||||||||
compatibility, integrity, and availability of members. | ||||||||||||||||||
assured by an appropriate | ||||||||||||||||||
balance of skills and diversity | ||||||||||||||||||
(including | experience | and | The qualifications and experiences of Directors could | |||||||||||||||
gender) | without | |||||||||||||||||
be | found | on | the | Company's | website | - | ||||||||||||
compromising | competence, | |||||||||||||||||
https://courtevillegroup.com/board/ | for | your | ||||||||||||||||
independence and integrity " | ||||||||||||||||||
reference. | ||||||||||||||||||
ii) Does the company have a Board-approved | Yes. the provisions relating to diversity policy could | |||||||||||||||||
diversity policy? Yes/No | be found in Clause 8.3 of the Sustainability and | |||||||||||||||||
If yes, to what extent have the diversity targets | Corporate Social Responsibility Policy which covers | |||||||||||||||||
been achieved? | diversity in knowledge, skills, experience, age, | |||||||||||||||||
culture, sex, and gender geared towards promoting | ||||||||||||||||||
better decision making and effective governance. | ||||||||||||||||||
The Company has been able to achieve the diversity | ||||||||||||||||||
targets across different indices to a large extent as | ||||||||||||||||||
may be deduced from the profiles of Directors. | ||||||||||||||||||
iii) Are there directors holding concurrent | Yes. Six Directors hold concurrent directorship in their | |||||||||||||||||
directorships? Yes/No | organizations, which have been appropriately | |||||||||||||||||
If yes, state names of the directors and the | disclosed to the Board. Their concurrent Directorship | |||||||||||||||||
companies? | have been considered and would not affect their | |||||||||||||||||
responsibilities and effectiveness on the Company's | ||||||||||||||||||
Board. The Directors involved are: | ||||||||||||||||||
a) Mr. Afam Edozie - Swift Network Ltd, Grow Africa | ||||||||||||||||||
Equity Partners Ltd, Salt & Einstein MTS Ltd, Ficres | ||||||||||||||||||
Capital Ltd, and One Network Ltd. | ||||||||||||||||||
b) Dr. Adebola Akindele- Virtuality Consulting Ltd, | ||||||||||||||||||
Regis and Reina Hospital Ltd, and Leading Traders | ||||||||||||||||||
Ltd. | ||||||||||||||||||
c) Mr. Wale Sonaike- Aiyepe Micro Finance Bank, | ||||||||||||||||||
Al-Fatiliat Comm. Nigeria Ltd, TWS Consultant Ltd. | ||||||||||||||||||
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
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Courteville Business Solutions plc published this content on 23 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2022 11:06:10 UTC.