GOVERNANCE

Leading with
prudence

Integrity, excellence and ethics are the guiding principles of our Corporate Governance philosophy. At SBI Life, the Board plays a key role in setting a strategic direction, and for embedding ethics and sustainability in our core values along with identifying, mitigating and managing Environmental, Social and Governance (ESG) risks and material issues.

Core governance principles underlying Board composition, functions and Committee responsibilities:

Principles of Core Governance

Trustworthiness, Ambition, Innovation,
Dynamism and Excellence

Composition of Board

The Board comprises of a team of eminent industry experts. The strength of the Board is emphasised by diversity in terms of skill sets, experience and gender of the Directors.

Functions of the Board

The Board plays a key role in ensuring smooth movement of business. The Board oversees the overall functioning of the Company and provides strategic direction and guidance along with managing policies, assessing their effectiveness and taking care of the long-term interests of stakeholders and the Company.

Board Committees

Board Committees offer a platform for the Board to address specific issues that require expert guidance. Under the guidance of our Board and its Committees, we aspire to improve our performance efficiency and ensure sound management, transparency and trust.

  • Audit
    Committee
  • Investment
    Committee
  • Risk
    Management
    Committee
  • Policyholder
    Protection
    Committee
  • Nomination and
    Remuneration
    Committee
  • Corporate Social
    Responsibility
    Committee
  • With Profits
    Committee
  • Stakeholders’
    Relationship
    Committee
  • Information Technology
    & Information Security
    Committee

Material issues

Adoption of strong corporate governance, transparency and ethics

Partnering in community development

Clear and consistent business strategy

Data privacy and information security

Timely compliance with existing and new regulatory, legal requirements

Adopting a robust, swift and efficient risk management mechanism

Effective management of regulatory changes

Board

Responsible for governance, ethics and sustainability

Committees

Responsible for identifying, mitigating, and managing Environmental, Social and Governance risks and material issues

Sub-Committees of Executives

Responsible for monitoring compliances, recommendations, review of the performance and adherence to the Board approved policies

Corporate Governance guidelines

The Company recognizes that the enhancement of corporate governance is one of the most important aspects in terms of achieving the Company’s aspiration of enhancing corporate value by deepening societal trust. Strong corporate governance founded on values is the heart of the persistent performance at the Company and fuels the Company’s vision to achieve the respect of stakeholders.

The Corporate Governance standards established by the Board of the Company provide a structure within which Directors and the Senior Management can effectively pursue the Company’s objectives for the benefit of its stakeholders. These guidelines are framed in conjunction with the Company’s Memorandum & Articles of Association, the charters of the Committees of the Board and applicable laws / regulations / guidelines for the time being in force.

Tenets of Corporate Governance

  • 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

Major Board activities during FY21

  • Ensured efficient governance and ethical business practices by monitoring the activities of various committees periodically.
  • Reviewed business strategy and long-term business plan.
  • Reviewed talent management, leadership development and succession planning.
  • Reviewed and defined various policies to ensure transparency in operations, considering the interest of stakeholders and various regulatory compliances
  • Reviewed the performance of the Company on a regular basis by providing leadership and guidance to the management.

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

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