Corporate Governace

We take good effective corporate governance seriously and in line with our resolution to maintain the highest ethical standards and professionalism in our business operations and practices

Corporate Governance & Our Business Principles

At LASACO, we conduct our business activities in accordance with the highest degree of ethical standards of good Corporate Governance, integrity and in full compliance with the law, while taking into account the interest of Stakeholders. The Board of Directors is responsible for setting, reviewing and guiding the Corporate Governance strategy through its committees.

COMMITEES OF THE BOARD

The Board performs its various duties and responsibilities through Four (4) Committees. All Board Committees make recommendations for consideration and approval by the full Board. The Committees meet at least once in every quarter.

FINANCE AND INVESTMENT COMMITTEE

 

The following are the key terms of reference of the Finance and Investment Committee:

  • To review the Company’s operational standards and performance.
  • To oversee financial reporting, policies and processes as well as the compliance level.
  • To oversee internal controls and compliance within the company.
  • To oversee capital and operating expenditures, specific projects and their financing within the overall Business Plan and Budget approved by the Board.
  • To ensure that there are no conflicts of interest by Directors and Top Managers in the Company in the conduct of business.
  • To proffer suggestions on optimal use of the Company’s resources.

MEMBERSHIP

 

The finance and investment team consists of Six (6) members comprising of

  • 3 (Three) Non-Executive Directors
  • 3 (Three) Executive Directors

ESTABLISHMENT AND CORPORATE GOVERNANCE COMMITTEE

 

The Terms of reference of the Establishment Committee are as follows:

  • To define the criteria and the procedure for the appointments and promotion of key officer of the company from manager cadres and above.
  • To oversee proper administration of the Board approved Performance-based Appraisal and Remuneration System.
  • To review from time to time the organizational structure and succession planning proposals of the group and make appropriate recommendations to the full Board
  • Oversees the implementation of Board-approved Performance Goals and objectives for the Executive Directors and Top Management

MEMBERSHIP

 

The establishment and corporate committee team consists of Six (6) members comprising of

  • 3 (Three) Non-Executive Directors
  • 3 (Three) Executive Directors

AUDIT, RISK MANAGEMENT AND COMPLIANCE COMMITTEE

 

The Terms of reference of the Audit, Risk Management and Compliance Committee are as follows:

  • The Committee shall be responsible for the review of the integrity of the data and information provided in the Audit and/or Financial Reports.
  • To provide oversight functions with regards to both the company’s finances with regard to both the company’s financial statement and its internal control and risk management functions.
  • To review the terms of engagement and recommend the appointment or reappointment and compensation of External Auditors to the Board and the Shareholders.

MEMBERSHIP

 

The Audit, Risk Management and Compliance team consists of Six (6) members comprising of

  • 3 (Three) Non-Executive Directors
  • 3 (Three) Executive Directors

THE STATUTORY SHAREHOLDERS’ AUDIT COMMITTEE

 

The Terms of Reference of the Committee

  • Ascertain whether the accounting and reporting policies of the Company are in accordance with legal requirements and agreed ethical practices;
  • Review the scope of the planning of audit requirements.
  • Review the findings on management matters in conjunction with the External Auditors and departmental responses thereon
  • Keep under review the effectiveness of the Company’s system of accounting and internal control.
  • Make recommendations to the Board with regard to the appointment, removal and remuneration of the External Auditors of the Company.
  • Authorize the internal auditor to carry out an investigation into activities of the Company which may be of interest or concern to the committee.

MEMBERSHIP

 

The Statutory Shareholder Audit team consists of Five (5) members comprising of

  • 3 (Three) Shareholders Representative
  • 2 (Two) Non- Executive Directors

CONTACT US

LASACO House,

Plot 16 Acme Road Ogba,

P.O. Box 3724

Ikeja, Lagos, Nigeria.

 

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