Botswana Insurance Holdings Limited (BIHL)’s annual general meeting has endorsed the appointment of two new additional non-executive directors to its board. This follows the resignation of two other board members.
The new board members are John Hinchliffe of John Hinchliffe Consultants, and Mahube Mpungwa. They replace Dr Keith Jefferies and Norma Kelly.
According to BIHL Board Chairperson, Batsho Dambe ÔÇôGroth, the idea was to increase the number of non executive members so that they outnumber the executive directors.
“This would ensure balanced viewpoints and enhance the independence of the board’s decisions, unlike when the majority is all shareholders,” explained Dambe-Groth.
However, Dambe-Groth explained that Keith Jefferies will not be leaving BIHL altogether, as he will continue to advise the company as an independent investment consultant.
“Dr Jefferies continues to serve the Investment Committees of Bifm and BIHL as an independent specialist. We have to acknowledge and appreciate the contribution he has been making to the advancement of the company,” said Dambe-Groth.
As part of strengthening the company’s corporate governance, in line with the King III Corporate Governance Principles, BIHL introduced the Conduct Review Committee during the course of the 2009 financial year.
The committee will consist of three independent non executive directors. The committee will be charged with the task of reviewing all related party transactions.
“We believe this is another giant step by the group to increase transparency and corporate governance in the conduct of its affairs, with the added benefit of operational efficiency,” said Dambe-Groth.
Commenting on his appointment, Hinchliffe said he was both pleased and honored to be given the responsibility.
“And hopefully I can offer the best of my potential and contribute positively to the strengthening of the Board and to the development of the broader company overall,” said Hinchliffe.
He believes experience attained through years of work in the financial sector and business will provide confidence and expertise for him to acquit himself well.
The AGM was informed that all the processes relating to recruitment of the Botswana Insurance Fund Managers (Bifm) Chief Executive Officer (CEO) have been finalized.
“We have identified the person of the caliber, traits and qualities as well as qualifications required for the job. In the meantime we still have to take other relevant stakeholders on board before making a formal announcement,” said BIHL CEO Regina Sikalesele-Vaka.