Dangote Cement Plc Annual Report 2021
Directors' report continued
Conflicts of interest
The Company maintains a Register of Directors' interest in
accordance with the requirements of the Companies and Allied
Act (CAMA), 2020. The Company also applies a conflict of interest
Policy developed in accordance with corporate governance
codes, as well as the Investment and Securities Act, 2007. The
Company also applies a Conflict of Interest Policy developed
in accordance with international best practices, as well as the
Corporate Governance Codes.
Supplier payment policy
It is the practice of the Company to agree on the terms of payment
negotiated with suppliers and pay according to those terms based
upon receipt of accurate invoices. Trade creditor days for the year
ended 31st December 2021 were 70 days on average for the Group
(2020: 47 days) and 76 days for the Company (2020: 63 days).
Property, plant and equipment
Information relating to changes in property, plant and equipment
is disclosed in note 15 of the financial statements.
Donations
Sponsorship and charitable donations amounted to #2.5 billion
(2020: N2.9 billion) for the Group and N2.0 billion (2020: #2.5
billion) for the Company.
Sustainability
Dangote Cement Plc is committed to complying with all applicable
legislation, regulations and codes of practice. We integrate
sustainability considerations into all our business decisions and
ensure that our stakeholders are aware of our Sustainability Policy.
Corporate governance and investor relations
During the financial year under review, the Company complied with
the NGX Rules and has not been fined by the FRC, SEC, nor NGX
for any infringements. The Board engaged an external consultant
to carry out corporate governance and Board evaluation. The
result indicated that the Corporate Governance Framework in
Dangote Cement Plc complies with the extant Codes of Corporate
Governance provisions. The Company pursues an active investor
relations programme with investor meetings and earnings calls
throughout the year. Our website contains information about the
Company's performance and strategy.
Employees
Dangote Cement Plc operates a policy of non-discrimination
and considers all employment applications equitably. Efforts
are made to ensure that the most qualified person is recruited
for the position, irrespective of religion, ethnic group, physical
condition or state of origin. We review our employment policies
in line with the strategic objectives of our business and ensure
that information is disseminated to employees through various
means, including through notice boards and Company emails.
We consult employees regularly to ensure that their views are
considered when making decisions that are likely to affect their
interests and to achieve a shared awareness of the factors
affecting the Company.
Health and safety at work and welfare of employees
Dangote Cement Plc recognises the importance of safeguarding
the health and safety of its workforce. Safety and environment
workshops are organised, while fire prevention and firefighting
equipment are installed in strategic locations in the offices and
plants. The Company provides personal protective equipment
(PPE) and other safety equipment and has developed several
Health, Safety, Security and Environment (HSSE) policies,
including the 15 HSSE Golden Rules.
Training and development
Dangote Cement Plc is committed to supporting the development
of all its employees. The fundamental purpose is to facilitate
personal and professional development enabling individuals
to achieve their full potential at work. The Dangote Academy
offers training programmes for employees across the Group,
with facilitation from professionals and other training experts.
The courses are designed to help employees in the performance
of their designated roles and to help them to fulfil their potential.
Our policy is that all employees have at least one annual
performance review a year, with their head of department or
line manager. Training and development needs will be assessed,
and ways of meeting these will be identified, and an appropriate
timescale agreed.
Retirement benefits
The Company operates a Group life policy and a contributory
pension scheme for its employees in Nigeria, in line with the
provisions of the Pension Reform Act 2014. The scheme is funded
through employees' and employers' contributions as prescribed
by the Act.
Research and innovation
With rapid urbanisation and population growth in Africa, the
Company realises that meeting housing and infrastructure needs
will be a challenge. We are constantly looking for new product
solutions to respond to these construction challenges.
Capital structure
The Company has one class of ordinary shares, which reflect
the total value of the share capital. Each ordinary share carries
the right to one vote at the Company's Annual General Meeting.
The shareholding and transfer of shares are governed by the
Company's Articles of Association and relevant regulations.
There are no restrictions with respect thereto. The Articles of
Association may be amended by a special resolution approved
by the shareholders. Further to the directive of the Corporate
Affairs Commission (CAC) in respect of the unissued share capital
of companies, the Company has opted to cancel its unissued
shares amounting to 2,959,492,596 shares of 50 kobo each and
the treasury shares amounting to 166,948,153 shares.
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