Corporate Governance
Introduction
Corporate governance stands as the strategic framework that leading Lebanese insurance companies, like ours, employ to steer their business towards:
- Ensuring accountability to stakeholders: A pivotal aspect in the insurance market of Lebanon, emphasizing stakeholder engagement and trust.
- Protects business integrity: Fundamental in maintaining a reputable standing among Lebanon's insurance providers.
- Maximizes profitability: Essential for sustaining growth and stability in the competitive insurance landscape of Lebanon.
Corporate governance includes various components, such as
- Policies & Responsibilities: Adhering to the highest standards of corporate ethics, a hallmark of excellence in Lebanon’s insurance industry.
- Decision-making processes: Reflecting the calculated and strategic approach necessary in Lebanon’s dynamic insurance market.
- Principles, Action plans and financial disclosures: Transparent and ethical practices setting us apart in Lebanon’s insurance sector.
The role of the Board of Directors (BoD), who is primarily responsible for achieving good corporate governance, is to make high-level decisions, provide strategic guidance and risks mitigation.
The BoD is also expected to balance the interests of the shareholders and other stakeholders as well, i.e. the employees, vendors, clients, and the general public.
How We Operate in Lebanon's Insurance Industry
In the dynamic landscape of Lebanon's insurance sector, companies that build their corporate governance around the following key principles are more likely to maintain a good reputation among investors and achieve long-term success
Accountability
Transparency
Fairness
Responsibility
1. Accountability
Accountability serves to prevent negligence, fraud and corruption, which could be detrimental to the success of the company:
- The Board of Directors is accountable to shareholders.
- Management is accountable to the Board of Directors.
- Each board / management member should at any time be prepared to provide their rationale behind any decisions made or actions taken.
2. Transparency
Transparency ensures timely and accurate disclosure on all material matters, including but not limited to financial situation, performance, ownership and corporate governance. Therefore, in order to ensure transparency, companies must provide shareholders with access to financial statements, performance reports, strategies, future risks and any other key business information.
3. Fairness
Transparency ensures timely and accurate disclosure on all material matters, including but not limited to financial situation, performance, ownership and corporate governance. Therefore, in order to ensure transparency, companies must provide shareholders with access to financial statements, performance reports, strategies, future risks and any other key business information.
4. Responsibility
The Board of Directors has a responsibility to act in the best interest of the company and stakeholders; independent directors and advisors are free from the influence of others.
Shareholders
As of early 2023, Saradar Insurance Holding sal is the sole shareholder of the Lebanese insurance company LIA Assurex S.A.L.
Saradar Insurance Holding, formed by Fattal Group (49%) and Saradar Capital Holding (51%) acquired the remaining 70% shares of LIA Assurex S.A.L., previously held by Sanlam Pan Africa.
With the esteemed expertise of our shareholders, we promise to continue securing lives in Lebanon and internationally as our stakeholder’s plan for what’s ahead.
Board governance framework
The board approves corporate strategies that are intended to build sustainable long-term value; selects a chief executive officer (CEO); oversees the CEO and senior management in operating the company’s business, including allocating capital for long-term growth, and assessing and managing risks and sets the “tone at the top” for ethical conduct.
Composition of the board of directors
Chariman of the board
Mr. Mario Saradar
Board Member
Mr. Michel Fattal
Board Member
Mr. Joseph Saddi
Board Member
Mr. Peter Vayanos
Board Member
Mr. Richard Shediac
Board Member & CEO of LIA Assurex
Mr. Labib Nasr
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Skills and experience of board members
The BoD meets on quarterly basis
(regulatory requirement)
Banking Risk management Insurance Business strategy Other financial services Governance and control Accounting, auditing, and financial literacy International experience Board committees
Audit & risk committee
Its purpose is to provide independent oversight on the effectiveness of the Company’s functions and services, with particular focus on combined assurance arrangements, internal audit, risk management, governance, and the finance functions. The integrity of the annual financial statements and other external reports issued by the Company.
Meets on quarterly basis (requirement)
Chairman
- Mr. Richard Shediac - Board Member
Saradar Capital Holding
- Mrs. Amale Choueri - Chief Audit Executive
LIA Assurex
- Mr. Labib Nasr - GM & Board Member
- Mr. Elias Khoury - Internal Audit Manager
Investment committee
Its purpose is to assist our board of directors in
fulfilling its oversight responsibilities and activities
with respect to the overall investment strategy and plans, as well as the trends resulting from new
business markets and investment instruments.
Meets on quarterly basis (requirement)
Chairman
- Mr. Peter Vayanos - Board Member
Saradar Capital Holding
- Mrs. Sarah Ferneini - COO
Swiss Financial House
- Mr. Patrick Karawani - Managing Director
LIA Assurex
- Mr. Labib Nasr - GM & Board Member
- Mr. Charbel Watfa - CFO
The human resources & remuneration committee
Propose and review the policies and internal procedures for the selection and continuous evaluation of members of senior management and other employees.
Prepare and propose the decisions relating to remuneration that the board of directors must adopt, including those that have an impact on the Company’s risk and risk management.
Periodically review the remuneration programs and ensure the transparency of remuneration.
Meets on quarterly basis (requirement)
Chairman
- Mr. Joe Saddi - Board Member
Saradar Insurance Holding
- Mr. Henri Bouiller - Head of Governance and corporate Affairs, Saradar Bank
- Mrs. Sandra Semaan - HR Director
LIA Assurex
- Mr. Labib Nasr - GM & Board Member
- Ms. Sandra Antypas - People & Culture Senior Manager