Nahco Aviance Share Price Update:
Price as at:
24 Jul 2017
Price: 2.80
Change: -0.01
% Change: -0.36
 
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This section of nahco aviance website provides an overview of corporate governance practices at the company, with emphasis on the Board and how it operates. nahco aviance is committed to observing high standards of corporate governance. The Board of Directors recognises the importance of best corporate governance principles, its valuable contribution to long-term business prosperity and accountability to shareholders.

The company has in place a comprehensive Governance Manual that includes Board Charters, Codes of Conduct, Code of Ethics, and Employee Handbook, all of which have enabled nahco aviance to substantially comply with international best practice and Nigeria’s new SEC Combined Code of Corporate Governance.

   
  Board of Directors
   
 

The Board currently comprises Eight (8) Directors, made up of eight (8) non-Executives, two (2) Executive. The Board is responsible to shareholders for creating and delivering sustainable value through its general supervision of the company’s business. The positions of Chairman and Chief Executive Officer are held by different persons, in order to avoid concentration of power. All the Directors bring various competencies to bear on all Board decisions, as each has experience, knowledge, qualifications, expertise and integrity necessary to effectively discharge the duties of the Board of Directors (Members of Board of Directors)

   
  Management
   
  The Senior Management team constitutes the Executive Management of the company. The team is led by the Managing Director/Chief Executive Officer. (read more)
   
 
Board Committees
   
In performing its oversight functions, the Board operates as a full Board or through Board Committees. The details of the committees’ functions are contained in the Committees’ Charter. Below is a summary of their respective terms of reference.
   
Technical Committee
  The terms of reference include:
a. To review Management submission of capital projects that are engineering and technical in nature as approved by the Board
b. To review and make recommendations to the Board on capital projects which are beyond the approval limit of Management
c. To review Management proposal on the purchase of Ground Support Equipment (GSE) in line with the company’s strategic plan
   
Governance and Standards
  The terms of reference include:
a. To establish and review on regular basis the existence of an appropriate code of conduct which focuses on leadership policies and general behavior within the company
b. To oversee the Board’s performance evaluation process
c. Assess the effectiveness of the Board of Directors as a whole
d. To oversee compliance by all board committees with the company’s corporate governance policies and standards
   
Establishment, Appointment and Remuneration
  The terms of reference include:
a. To make recommendation on the composition of the Board
b. To evaluate competency on the appointment of non-executive directors and the senior management
c. To ensure the company’s remuneration policies and practices support recruitment, development and retention of executive directors and senior management and recommend remuneration and promotion of executives and senior management.
   
Finance and Strategic Planning
  The terms of reference include:
a. To stay informed on a timely basis about the company’s financial status
b. To review and recommend to the Board, as appropriate, key financial policy matters, oversee the development of the budget, financial reporting, its policies and processes
c. To review and recommend to the Board the strategic planning process, long range objectives and strategic plan along with specific business and marketing plans of the company
   
Innovation and Development
  The terms of reference include:
a. To support Management on the redefinition of market and support Management in seeking innovation by updating traditional ways of doing business and adding new ones.
b. To oversee the strategic direction of the company’s innovation and product development programmes, to ensure alignment with the company’s overall corporate strategy.
   
Risk and Compliance
  The terms of reference include:
a. Oversight function on all risk-related issues
b. Determine the efficiency and effectiveness of administrative operating and accounting controls used by the company
c. Reviewing company’s policies and practices as regards the business conduct, ethics and integrity, and encourage whistle blowing process
d. To keep under review the effectiveness of the company’s internal controls, audit function and risk management system.
   
 
Relationship with shareholders
 
As a deliberate policy, nahco aviance maintains an effective and candid communication with its shareholders, which enables shareholders to understand the company’s business, financial conditions, and operating performance and prospects. The company strives at all times to build enduring relationship with shareholders. The Board ensures that shareholders receive prior notice of meetings and that all statutory notices and information are communicated regularly. Shareholders are encouraged to freely communicate their thoughts by contacting the Company Secretary or the Head, Corporate Governance and Stakeholder Relations.