Dangote Cement Plc Annual Report 2021
Board Finance and Investment Committee report
Corporate governance
Viswanathan Shankar
Non-Executive Director
Role of the Committee
Members
Meetings attended
(eligible to attend)
Viswanathan Shankar
(Chairman)
Olakunle Alake
Douraid Zaghouani
Michael Davis
Devakumar Edwin
Attended
Not attended
Medical absence
Introduction
Not a member as at date
I am pleased to introduce the report of the Board Finance and
Investment Committee for the 2021 financial year. The Committee
receives its insight into the challenges and goals of the Company
from the financial and business targets set by the Board. Some
members of senior and Executive Management are invited to
attend meetings to provide necessary information, as well as
updates on directives requested by the Committee. As Chairman
of the Committee, I regularly hold meetings with the Group Chief
Financial Officer, and members of the senior management team,
prior to the Committee meetings to better address any areas of
concern and to allow sufficient time for meaningful discussion in
the Committee meetings.
.
Roles and responsibilities
The Committee assists the Board in fulfilling its oversight
responsibilities by advising the Board on matters relating to:
•
•
•
the Group's capital structure and the corporate finance
strategy, including the issuance of equity and debt securities,
general financing plans, debt ratings, share repurchase
philosophy and strategy, and the Company's dividend policy;
(in consultation with the independent auditors and the internal
auditors), all financial statement presentations, as well as the
integrity of the Company's financial reporting processes
and controls;
treasury operations, investment strategies, banking and cash
management arrangements and financial risk management;
major investments, or similar transactions and the policies and
processes of the Company;
critical accounting policies and practices to be used by the
Company; and
any major issues as to the adequacy of the Company's internal
controls and any audit steps adopted in light of control
deficiencies.
Activities during the year
The reports of the Committee are presented to the Board,
providing the Board with summaries of discussions as well as its
recommendations. During the year, the Committee carried out
the following:
.
approval of the share buy-back programme;
monitoring of pricing strategy and impact on revenue
and profits;
review of the tax impact and tax exemption status of entities
within the Group, and total tax liability of the Group;
review of organic and inorganic expansion plans;
review of the carrying amount of Group assets including any
potential impairment loss to be recognised during the year;
review of various funding plans including issuance of bond and
commercial papers; and
review of Financial Statements.
Composition and attendance
The Committee met 10 times in 2021 and its composition
and attendance are stated on page 187, while details of each
Committee member are set out on pages 70 to 72.
верашчал
Viswanathan Shankar
Chairman of the Finance
and Investment Committee
1st March 2022
40
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