Emirates Insurance Company recognizes that good corporate governance is the key to a successful, sustainable and profitable business. To this end, the Board of Directors places a strong emphasis on adhering to the Securities and Commodities Corporate Governance Code.
The Board fully understands its responsibility to all stakeholders and adheres to the principles of transparency, ethical behaviour and honesty. The standards adopted by the Board are entrenched in the Group’s system of internal control, its code of conduct and its remuneration strategy.
The Board is responsible for the strategic direction of the Group and retains full and effective control over the organization. Company strategy is the responsibility of the Chief Executive and the Executive Committee who report to the Board of Directors six times per year. The Directors strive at all times to maintain a balance between the pursuit of commercial gain, adherence to legal and regulatory constraints, the upholding of fair play and good faith, and moral, social and environmental obligations.
The role of Chairman and Chief Executive do not vest in the same person. The Chairman as well as the other 8 Board members are Non-Executive Directors and 7 of the 9 Boards members are independent.
The Board has established various committees to assist the Board to effectively discharge its responsibilities for strategic direction, remuneration and nomination policies, risk management and internal control.
The Board Committees are :
Audit, Remuneration and Nomination Committee.
The Management Committees are :
Executive, Risk, Reinsurance, Motor underwriting, Non Motor Underwriting and EIC International.
The Corporate Governance reports can be obtained from the Abu Dhabi Security Exchange