Corporate Governance

Fidelity Pension Managers Limited’s (“Fidelity Pension” or “the Company”) Corporate Governance framework is designed to promote the smooth running of the operations of the Company in accordance with the provisions of the Pension Reform Act 2014 (PRA 2014), Companies and Allied Matters Act, 2004, the Code of Corporate Governance for Licensed Pension Operators, 2008 (“the Code”), the various Guidelines/Circulars issued by the National Pension Commission (“the Commission” or “PenCom”), any other regulatory or statutory provisions in the Federal Republic of Nigeria as well as globally accepted best practices on governance and ethics.

At Fidelity Pension, we understand that the strength of any robust governance structure starts from the top, with a reputable chairman leading a board composed of independent, well-informed directors, who give priority to strategic planning, ensure that standards exist to promote ethical behaviour throughout the organization, and seek continuous improvement in governance practices.

These strengths are fundamental to sustaining the Company’s success, preserving and increasing shareholder value. Consequently, they are fostered throughout the organization by a proactive governance culture that has consistently adopted industry-leading standards thereby ensuring compliance with statutory and regulatory requirements.

Statutes, Codes and Regulations

The Board of Fidelity Pension strives to ensure that its internal control mechanisms and management structures comply with legislations, regulations and generally accepted principles for good corporate governance.

The Board through its oversight functions is able to monitor the Company’s compliance with all applicable legislation, regulations, standards and codes by regular review of management reports and returns detailing interface with regulators and stakeholders.

The Company has also developed an internal Code of Corporate Governance which provides a framework for effective governance of the Board and the Company. The Company’s Code of Corporate Governance is continuously revised to align with legal and regulatory requirements and global best practices as they evolve. The internal Code details the Company’s adopted policies and procedures and sets out the roles and delegated authorities applying to the Board, Board Committees, and the Management Committees respectively.

Compliance with the Commission’s Code of Corporate Governance

Fidelity Pension, as a licensed pension fund administrator, holds the view that its current policies for, and practices of, corporate governance are in line with the Code. The Company therefore confirms that throughout the year ended 31 December 2017, the Company has complied with the principles set out in PenCom’s Code of Corporate Governance.

The Company applies CLASS (Culture, Leadership, Alignment, Systems, and Structure), an integrated, five-element model of corporate governance as well as the Code’s principles of accountability, responsibility, transparency and integrity. Attending to the elements of this framework supports the development of an integrated and robust approach to governance and risk and assists Management and the Board anticipate and mitigate the complexities of risk inherent in meeting strategic objectives.