Since inception, our corporate governance philosophy has been guided by three pillars: integrity, excellence, and ethics. We are committed to conducting business in a manner that protects the interests of all our stakeholders. Our Board of Directors provides strategic directions, embedding ethics and sustainability in our core values along with identifying, mitigating, and managing Environmental, Social and Governance (ESG) risks and material issues.
Governance structure
As per our Corporate Governance philosophy, we primarily focus on good governance and apply the highest ethical practices to all business activities to build strong relationships with our internal and external stakeholders. At SBI Life, corporate governance is our organizational mechanism to achieve our strategic goals responsibly, while being accountable to stakeholders.
We have a robust governance framework that considers the long-term interests of all stakeholders, and aligns every governance pillar with SBI Life’s purpose and objectives. This framework leads us to develop procedures and mechanisms to build strong management, and trusted stakeholder relationships.
Our core governance values
Transparency
Humility
Integrity
Sustainability
Innovation
Governance Structure
Corporate governance guidelines
We recognise that improving corporate governance is one of the most important aspects of achieving our goal of increasing corporate value, by deepening public trust. Governance based on strong values is central to the Company's ongoing performance and drives the Company's purpose of achieving stakeholder respect.
The corporate governance standards established by the Company's Board of Directors provide a structure that allows directors and senior management to effectively pursue the Company's objectives for the benefit of stakeholders. These guidelines are framed in conjunction with the Company's Memorandum & Articles of Association, the charters of the Committees of Board and applicable laws, regulations and 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 with applicable laws, rules, regulations and guidelines
- Fair and equitable treatment of all its stakeholders, including employees, vendors, policy holders and shareholders
Major Board activities during FY22
- Ensured efficient governance and ethical business practices by monitoring the activities of various committees periodically
- Reviewed business strategy and long-term business plans
- 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 regularly, 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
