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Corporate governance

FijiCare Insurance Limited supports the Reserve Bank of Fiji’s Corporate Governance Code for capital markets. We are committed to delivering best practice in corporate governance and transparency in reporting. During the reporting period, FijiCare Insurance Limited has been compliant with all RBF guidelines & procedures.

Establish Clear Responsibilities for Board Oversight

The FijiCare Insurance Limited’s Memorandum & Articles of Association sets out the powers and duties of directors in terms of managing the company effectively & efficiently. Board Charter clearly sets out the objectives of the Board.

Constitute as Effective Board

The FijiCare Insurance Limited’s Memorandum & Articles of Association specifies the number of Directors may be not less than the number required by the Corporations Act, nor more than nine.
The Board currently comprises of 3 directors:


Dumith Fernando
Chairperson


Avi Raju
Executive Director


Peter McPherson
Non-Executive Director


Jenny Seeto
Independent Director


Sylvain Flore
Independent Director

Appointment of Key Personnels

Directors are expected to exercise due diligence in appointing the key persons & all such executive appointments are made by the Board.

Board & Company Secretary

FijiCare Insurance Limited as a public listed company has appointed a suitable qualified & competent board secretary. The company secretary maintains a close link with the Board & Executive officers and the company to ensure all duties & responsibilities are effectively discharged.

Timely and Balanced Disclosure

FijiCare Insurance Limited complies with its disclosure obligations under the SPSE Listing Rules and the Companies Act, has in place well developed procedures for dealing with compliance.

Promote Ethical & Responsible Decision Making

FijiCare Insurance Limited promotes and believes that all directors and employees uphold high ethical standards, honesty, fairness and equity in all aspects of their employment and association with the company.

Register of Interests

Directors and officers of the company are obliged to disclose any conflicts of interest that may arise in the course of the business.

Respect the Rights of Shareholders

An Annual General Meeting is held every year in accordance with the Articles of Association and shareholders are encouraged to participate. The Annual Report is also published each year & circulated to the shareholders prior to the AGM.

Accountability & Audit

FijiCare Insurance Limited is audited annually by independent auditors who provide their report to the shareholders. The Audit Committee is responsible for overseeing the financial reporting and disclosure process, performance and independence of the external auditors, reviewing adequacy of the internal audit function and discussing risk management policies and practices with management. FIjiCare Insurance Limited has appointed Internal Auditor Mr. Bruce Sutton who brings in more than 35 years of expertise in the field of internal audit.

Recognize & Manage Risk

FijiCare Insurance Limited has in place a Risk Management Policy to ensure that key business and operational risks are identified and appropriate controls and procedures are put in place to manage these risks.

FijiCare Insurance Limited has 2 Subcommittee’s that help the Board in fulfilling its responsibilities by providing recommendations, advice and information. These Subcommittees are chaired by Non- Executive Directors.



Audit Committee


Jenny Seeto
Chairperson


Avi Raju
Member


Sylvain Flore
Member


Victor Robert
Committee Secretary

Governance & Risk Management Committee


Jenny Seeto
Chairperson


Avi Raju
Member


Dumith Fernando
Member


Peter McPherson
Member


Victor Robert
Committee Secretary

Treasury and Investment Committee


Sylvain Flore
Chairperson


Dumith Fernando
Member


Avi Raju
Member


Victor Robert
Committee Secretary


The Executive Management of FijiCare Insurance Limited comprises of the Managing Director, Finance Manager, Corporate Governance & HR Executive, Claims Manager, IT Manager, Business Development Manager and Motor Vehicle Insurance Manager. The Managing Director is advised by internal department meetings which meets on a regular basis to consider the day to day operations of the company.

Delegation of Authority- all the claims processing and expenditure in the company must be authorized in accordance with the respective delegations, policies and procedures. The Board and Management receives monthly reports comparing the actual outcomes against budget. The Delegation of Authority is updated regularly to ensure that we are compliant.