Corporate Governance

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Composition and Structure

Unimas Microfinance Board is composed in a manner that guarantees competence, diverse experience and objectivity. Comprising, a healthy mix of Executive and Non-Executive Directors, the Board is headed by a Chairman, who is a non-Executive Director, and who steers the Board’s proceedings towards achievement of the Company’s strategic objectives. A Managing Director/Chief Executive Officer on the other hand heads the management team and directs the day to day operations of the Company.

With the steady expansion in business and operations, it became pertinent to increase the Board composition to ensure it maintains effective oversight functions. To this end, the Company has secured the requisite approvals for an increase in the maximum board composition to 15 Directors. The Company is also in the process of appointment of two independent Directors, to improve the independence and objectivity of the Board in its deliberations and decisions.

Duties of the Board

The Board is primarily responsible for ensuring good corporate governance in the Company, as well as defining the Company’s strategic goals and ensuring that its resources are fully deployed towards the attainment of these goals.

To this end, the Board’s deliberation and decisions has within the year geared towards the following end:

  • Overall strategic direction of the Company;
  • Effectiveness and adequacy of the internal control systems;
  • Integrity of the Company’s financial reports and reporting systems;
  • Effectiveness of the Bank’s risk management framework;
  • Legal, regulatory and ethical compliance;
  • Sound Investment and financing decisions;
  • Effective oversight on the general activities of the Management team, including their appointment, compensation and discipline.

While undertaking these functions, the Board has been assisted by several Board Committees.