UnipolRe is authorised by the Central Bank of Ireland under the European Communities (Reinsurance) Regulations 2006.
The corporate governance framework objective is to ensure a sustainable increase of the shareholder value and, in achieving this, recognises and protects rights of all interested parties.
The OECD defines corporate governance as “A set of relationships between a company’s management, its board, its shareholders, and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining these objectives and monitoring performance are determined.”
The other stakeholders identified are employees, clients, suppliers and the Central Bank of Ireland as a supervising authority.
The Board of Directors is the focal point of the corporate governance system. It is ultimately accountable and responsible for the performance and conduct of the company. Delegating authority to Board committees or management does not in any way mitigate or dissipate the discharge by the Board of Directors of its duties and responsibilities. In the case of a policy established by the Board, the Board would need to be satisfied that the policy has been implemented and that compliance has been monitored. Similarly the Board needs to be satisfied that applicable laws and regulations have been complied with. The responsibilities of the governing body must be consistent with the rules on governance structure established in the jurisdiction.
The Board has established a sub-committee structure to assist it in performing its duties. Currently the Board has appointed an Audit Committee and a Risk Committee.