GOVERNANCE
DRIVING TRUST THROUGHTRANSPARENCY
Since inception, integrity, excellence and ethics have been the three pillars of our corporate governance philosophy. Our governance policies and practices are in sync with the governance ethos of our promoters. We are guided by them to adopt best-in-class governance practices.
We are committed to conducting business in a manner that protects the interests of all our stakeholders. To this end, we have integrated the virtues of transparency, accountability, integrity and fair disclosures in our day-to-day operations.
MATERIAL ISSUES
Adoption of strong corporate governance, transparency and ethics
Clear and consistent business strategy
Timely compliance with existing and new regulatory, legal requirements
Adopting a robust, swift and efficient risk management mechanism
Effective management of regulatory changes
Partnering in community development
Data privacy and information security
OUR GOVERNANCE STRUCTURE
At SBI Life, governance, ethics and sustainability are the overall responsibility of the Board, with its Committees playing key roles in identifying, mitigating and managing Environmental, Social and Governance (ESG) risks and material issues.
Board
Responsible for governance, ethics and sustainability
Committees
Responsible for identifying, mitigating and managing ESG risks and material issues
Corporate Social Responsibility Committee
Recommends, realigns and reviews CSR practices
TENETS OF OUR CORPORATE GOVERNANCE PRACTICES
- Appropriate composition, size of the Board and commitment to adequately discharge its responsibilities and duties
- Transparency and independence in the functioning of the Board
- Maximum disclosure of information to the Board and its Committees for focused and meaningful discussions in meetings
- Operating in a sound system of internal control and risk management with a thrust on integrity and accountability
- Independent verification and assured integrity of financial reporting
- Timely and adequate disclosure of all material information to all stakeholders
- Compliance of applicable laws, rules, regulations and guidelines
- Fair and equitable treatment of all its stakeholders, including employees, vendors, policyholders and shareholders
KEY PERFORMANCE INDICATORS: FY20
Training on ethics
10,464
Hours
12,661
CIFs
58,143
Individual agents
5,358
Employees
76,162
Total participants
SEXUAL HARASSMENT CASES
3
Cases at the beginning of the year
5
Cases filed during the year
6
Cases disposed during the year
2*
Cases pending at the end of the year
* Two pending cases were closed in FY21 within the stipulated timeline.
MAJOR BOARD ACTIVITIES DURING FY20
- Ensured efficient governance and ethical business practices by monitoring the activities of various committees periodically
- Reviewed and defined various policies to ensure transparency in operations, considering the interest of policyholders and regulatory compliances
- Reviewed the performance of the Company on a regular basis by providing leadership and guidance to the management
- Reviewed strategy and business plan
- Reviewed talent management, leadership development and succession planning
- Independent Directors underwent training conducted by the National Insurance Authority
HIGHLIGHTS OF OUR CORPORATE GOVERNANCE PRACTICES
- Diverse Board structure comprising members who accord the highest weight to ethics and integrity
- Well-defined roles, responsibilities and accountability for the Board of Directors and Senior Management
- Board evaluation process and results-driven action plan
- Embraced Integrated Reporting as a strategic framework designed to provide quantitative and qualitative disclosures to our stakeholders
