Africa's Foremost
Investment
Channel
The Board of directors (“the Board”) is the core of Centum’s system of
corporate governance and is ultimately accountable and responsible for
the performance and affairs of Centum.
The Board
The Board specifically exercises leadership, enterprise, integrity and judgement in directing Centum so as to achieve continuing prosperity for its shareholders. The Board shall at all times act in the best interests of Centum in a manner based on transparency, integrity, accountability and responsibility.
Role and functions of the Board
The Board specifically exercises leadership, enterprise, integrity and judgement in directing Centum so as to achieve continuing prosperity for its shareholders. The Board shall at all times act in the best interests of Centum in a manner based on transparency, integrity, accountability and responsibility.
Committees of the Board
The Board has delegated certain functions to committees with approved formal terms of reference which are reviewed yearly without abdicating its ultimate responsibility. The terms of reference clearly identify matters reserved for the Board and Committees for decisions. The membership and Chairmanship of these Committees is regularly reviewed by the Board who are responsible for filling any vacancies. The Board is cognizant that members collectively have sufficient qualifications and experience to fulfill the duties of the respective Committee. The elected Chairman appraises the full Board of their activities on a quarterly basis through oral and/or written reports. The Chairman of the committees participates in setting and agreeing the Agenda for meetings.
Membership
The Audit Committee consists of five non-executive directors, the majority of whom qualify are independent non-executive directors. The Chief Executive, the Chief Finance Officer, the Head of Internal Audit and the lead audit partner in charge of the internal and external audit are in attendance at meetings.
The Chairperson of the Audit Committee is an independent Non-Executive Director.
Members
The members of the committee are as follows:
Audit Committee: Moses Ikiara, Catherine Mturi, David Ssegawa, Laila Macharia and Richard Kiplagat.
Risk Committee: Richard Kiplagat, Laila Macharia, Norah Ratemo, William Byaruhanga and Catherine Mturi.
NGC Committee: David Ssegawa, Moses Ikiara, Laila Macharia, Andrew Musangi and William Byaruhanga.
FIC Committee: Andrew Musangi, Norah Ratemo, Laila Macharia, Richard Kiplagat and Moses Ikiara.
Mandate
The role of the Board of Directors in fulfilling its oversight responsibilities for the financial reporting process, the system of internal control, the audit process, and the Company's process for monitoring compliance with laws and regulations.
Responsibilities
The primary responsibilities of this Committee are to;
- Provide oversight and integrity of the Company’s financial reporting.
- Gauge the independence, qualifications and performance of an external auditor.
- Provide oversight in relation to the Company’s internal audit functions.
- To provide oversight on non-financial audit processes (Governance Audit and Environmental Social and Governance (ESG) Audit).
- Review the effectiveness of the internal audit function.
- Consider the effectiveness of the Company’s internal control systems.
- Review updates from management and external counsel on compliance matters affecting the Company.
