Corporate Governance – Insurance / Reinsurance
Corporate Governance has been described as ‘The Management of Management’.
It is measured by the quality of the decision making structures at the top of every organisation together with the clarity and completeness of communication between the ‘governance level’ of the organisation and the ‘management level’.
Communication ensures that expectations and decisions are clearly articulated from the Board to management and that outcomes and achievements are clearly reported back to the Board.
The Solvency II Directive sets out minimum requirements for the Insurance and Reinsurance Undertakings’ System of Governance.
In addition, the Supervisory Authority, The Central Bank of Ireland, has codified a number of requirements in its Corporate Governance Code for Insurance Companies.
At Governance Matters we advise Insurance / Reinsurance Boards and Senior
Management on all aspects of Corporate Governance including:
- Appropriate Board and Committee Structures
- Roles and Responsibilities of Boards and individual Board members
- Documentation and clear communication of Board policies and values
- Board and Management Fitness and Probity Framework
- Definition of Board reports required from Management
- Delegation of authorities to the Management
- Board Training needs and delivery
- Board and individual Directors’ effectiveness assessment
- Effectiveness of meetings and decision making processes
We are also in a position to recommend individuals who can act as independent non-executive members of the Board.