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  • Titles, Authorities, Duties and Reporting Responsibilities

    • HC-10.6.3

      The Board should adopt by-laws prescribing each senior manager's title, authorities, duties and internal reporting responsibilities. This should be done with the advice of the Nominating Committee, where applicable, and in consultation with the CEO, to whom the other senior managers should normally report.

      January 2011

    • HC-10.6.4

      These provisions should include but should not be limited to the following:

      (a) The CEO should have authority to act generally in the insurance consultants, insurance managers, insurance aggregators or captive insurance firms' name, representing the insurance consultants, insurance managers, insurance aggregators or captive insurance firms' interests in concluding transactions on the insurance consultants, insurance managers, insurance aggregators or captive insurance firms' behalf and giving instructions to other senior managers and insurance consultants, insurance managers, insurance aggregators or captive insurance firms employees;
      (b) The chief financial officer should be responsible and accountable for:
      (i) The complete, timely, reliable and accurate preparation of the insurance consultants, insurance managers, insurance aggregators or captive insurance firms' financial statements, in accordance with the accounting standards and policies of the insurance consultants, insurance managers, insurance aggregators or captive insurance firms (see HC-10.3.2); and
      (ii) Presenting the Board with a balanced and understandable assessment of the insurance consultants, insurance managers, insurance aggregators or captive insurance firms' financial situation;
      (c) The corporate secretary's duties should include arranging, recording and following up on the actions, decisions and meetings of the Board and of the shareholders (both at annual and extraordinary meetings) in books to be kept for that purpose; and
      (d) The internal auditor's duties should include providing an independent and objective review of the efficiency of the insurance consultants, insurance managers, insurance aggregators or captive insurance firms' operations. This would include a review of the accuracy and reliability of the insurance consultants, insurance managers, insurance aggregators or captive insurance firms' accounting records and financial reports as well as a review of the adequacy and effectiveness of the insurance consultants, insurance managers, insurance aggregators or captive insurance firms' risk management, control, and governance processes.
      Amended: October 2019
      January 2011

    • HC-10.6.5

      The Board should also specify any limits which it wishes to set on the authority of the CEO or other senior managers, such as monetary maximums for transactions which they may authorise without separate Board approval.

      January 2011

    • HC-10.6.6

      The corporate secretary should be given general responsibility for reviewing the insurance consultants, insurance managers, insurance aggregators or captive insurance firms' procedures and advising the Board directly on such matters. Whenever practical, the corporate secretary should be a person with legal or similar professional experience and training

      Amended: October 2019
      January 2011

    • HC-10.6.7

      At least annually the Board shall review and concur in a succession plan addressing the policies and principles for selecting a successor to the CEO, both in emergencies and in the normal course of business. The succession plan should include an assessment of the experience, performance, skills and planned career paths for possible successors to the CEO.

      January 2011