Corporate Governance

We adhere strictly to the Code of Corporate Governance issued by the Securities and Exchange Commission. This ensures highest standards of transparency, accountability and good governance. We have also taken several initiatives to benchmark our governance system with best practices globallyy.

The company is governed by a framework that defines the rights, roles and responsibilities of all stakeholders. This facilitates all necessary checks, balances and incentives a company needs to manage the various stakeholders.

Board of Directors

The Board of Multiverse Plc comprises of eight (8) members, which includes the Chairman, Managing Director, one Executive Director, four (4) non-Executive Directors and the Technical Director. The board is made up of highly qualified professionals with diverse skills and experience in various fields. The non-Executive Board members have the capacity to make unbiased judgment without influence by management.

The role of the Board

The Board is responsible to shareholders for creating and sustaining shareholder value through the management of the business. They are expected to make decisions that are in the best interest of the stakeholders in the long term. The Board is also responsible for ensuring that management maintains a system of internal control which provides assurance of effective operations, internal financial controls and compliance with the laws and regulations of the company.

The strategic objectives and policies of the company are set by the Board. It ensures that both the long term goals and short term objectives that management pursues are consistent and in the best interest of all stakeholders. The Board is aware of the importance of adhering to the governance principles, so it ensures that the business of the company is in conformity with governance principles.

The Board has the statutory power to deliberate and approve decisions that are material to the company, including the periodic financial statements, changes in accounting policies and practices, risk management policies, appointment or removal of a director, mergers and acquisitions.

The responsibility for the day to day management of the company is delegated to the Executive Directors.

The Board of Directors statutorily meet at least 4 times in a year.

Board Committee

In accordance with statutory and regulatory requirements, members of the Board are divided into different committees to assist the Board in its management and oversight functions. The standing committees of the Board are as follows:

Executive Committee

This committee comprises of the Managing Director/(CEO), the Executive Director, the Technical Director and other top management staff. They work with the Managing Director to oversee the day to day running of the company and implement the strategic objectives of the company.

Board Remuneration Committee

This committee is comprised of two non-executive directors and the company secretary. They are responsible for administering the company’s executive compensation package, and implements and oversee compensation policies approved by the Board.

The committee meets at least 3 times annually.

Establishment & Disciplinary Committee

This committee comprises of three non-executive directors. They are responsible for monitoring compensation arrangements to ensure that the company is attracting and retaining highly qualified staff through competitive salary and benefits, programs and awards, review long range planning for top and senior management development and succession.

They are also responsible for the employment, disengagement and promotion of management staff and recommendation on such issues as they deem fit to the Board. They also formulate Board training program/schedule.

Audit Committee

This committee comprises of three non-executive directors, each of whom is independent and financially literate. The audit committee reviews and reports to the board on the integrity of the company’s financial statements, ensures that the company has designed and implemented effective internal financial controls and reviews the compliance with regulatory and statutory requirements as they relate to the financial statements and disclosure of material facts.