Corporate governance “refers to a system whereby shareholders, creditors and other stakeholders of a Corporation ensure that Management enhances the value of the Corporation as it competes in an increasingly global market place”. It encompasses the entirety of the legal and factual regulatory framework for managing and supervising a Corporation. The primary goal of corporate governance is to create and sustain increased value in the Corporation for all of its stakeholders. To achieve this goal, it is necessary – among other things – to clearly set forth the principles of appropriate supervision and good management, and thereby lay the groundwork for the development and implementation of value-creating activities. Moreover, it is as important that these agreed principles of governance are made transparent to all stakeholders concerned, thereby safeguarding stakeholders’ rights as well as promoting stakeholder participation in the corporate governance process.
The machinery for corporate governance of Gulf Union Insurance & Reinsurance Co. BSC(c) is principally contained in the Article of Association of the company as well as the Company Law. These constitutive documents lay down, among others, the basic structure of governance, and the principal duties of the Board of Directors and officers of the Company. The function of this Manual of Corporate Governance is to supplement and complement the company’s Articles of Association by setting forth principles of good and transparent governance.
The Board of Directors, Management, Officers and employees of the company commit themselves to the principles and best practices of governance contained in this Manual as a guide in the attainment of its corporate goals. The company shall make a continuing effort to create awareness of good corporate governance within the organization. At the same time, the entire organization declares its continuing commitment to the Mission Statement and Vision of Gulf Union Insurance & Reinsurance Co. BSC(c) made an integral part of this Manual
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