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2014 Annual Report & Financial Statement

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2014 Annual Report & Financial Statement www.sic-gh.com 2014 Annual Report & Financial Statements Directors, Officials and Registered Office Directors Mr. Mike Allen Hammah - Appointed – December 2014 Chairperson Dr. Sydney Yayah Laryea - Appointed – September 2011 Member Mr. Ato Pobee Ampiah - Appointed – September 2011 Member Mr. Justice Benjamin O. Tetteh - Appointed - September 2011 Member Ms. Nancy Dakwa Ampofo - Appointed – November 2013 Member Mr. Fiifi Gyabra – Forson - Appointed - November 2013 Member Mr. Robert Afflah Sackey - Appointed - November 2013 Member Mr. Daniel Ofori - Appointed - July 2014 Member Mrs. Felicity Acquah - Resigned – September, 2014 Chairperson Mrs. Doris Awo Nkani - May 2012 – January 2015 Managing Director Company Secretary Bankers: Local Mrs. Lydia Hlomador GCB Bank Limited Universal Merchant Bank National Investment Bank Limited Registered Office Société-General (Gh) Ecobank Ghana Limited Nyemitei House 28/29 FBN Bank Limited Ring Road East, Osu – Accra. ADB Bank Auditors PKF Bankers: Foreign Chartered Accountant & Business Advisers Ghana International Bank Limited Farrar Avenue – Adabraka Barclays Bank Plc Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the Annual General SPECIAL BUSINESS Meeting of SIC Insurance Company Limited will be 5. To amend the Regulations of the Company by held on Friday the 31st of July 2015 at 10:00 a.m. at the reviewing Regulations 49 to allow for the circulation College of Physicians and Surgeons, Accra to transact of the Notice of General meetings, Profit and Loss the following business: Accounts, Balance Sheet, Reports and any other relevant information by print or electronic means. AGENDA Dated this 26th day of June 2015 ORDINARY BUSINESS 1. To receive and consider the Accounts of the By Order of the Board Company for the year ended 31st December 2014 together with the Reports of the Directors and the Auditors thereon. 2. To authorize the Directors to fix the remuneration of the Auditors. 3. To elect Directors and/or re-elect retiring LYDIA HLOMADOR (MRS) Directors. Company Secretary 4. To approve Directors’ remuneration. Resolutions to be passed at the Annual General Meeting BOARD RESOLUTIONS The Board of Directors will be 4.2 By the provision of section 298 of statement required to be circulated proposing the following resolutions at the Companies Act, 1963 (Act 179) therewith in accordance with sections the Annual General Meeting: one-third of Directors who have been 157 and 159 of the Act as well as by longest in office must retire at the print or electronic means” 1. To receive 2014 Accounts Annual General Meeting. The Board shall propose the Purpose of Amendment: acceptance of the 2014 Accounts as Accordingly two Directors namely, Mr. The purpose for the amendment is to the true and fair view of the affairs of Fiifi Gyabra – Forson and Mr. Robert improve the methods of the Company for the year ended 31st Afflah Sackey are proposed for disseminating information to December, 2014. re-election. shareholders in a more effective and cost efficient manner. 2. To Authorise the Directors to 4. To Approve the Remuneration fix the Remuneration of the of Directors The Board hereby encourages all Auditors To approve GH¢700,000.00 as Directors shareholders to furnish the Registrars In accordance with Section 134(5) of remuneration for the year to 31st with their electronic mail addresses. the Companies Act, 1963, (Act 179), December 2015 in accordance with Pannell Kerr Forster (PKF) will Section 194 of the Companies Act, continue in office as Auditors of the 1963,( Act 179) and Regulation 67 of the Company. The Board would request Regulations of the Company. from Members their approval to fix the 5. Special Resolution remuneration of the Auditors. Amendment of Regulations 49 3. To Elect Directors/Re-Elect Subject to the prior approval of the Retiring Directors Ghana Stock Exchange, Regulations 49 4.1 In accordance with Section 181 be revised as follows; (5b) of the Companies Act, 1963, (Act 179) and Regulations 60(a) and 61 of “Notice of General Meetings shall be the Company, Mr. Mike Allen given in accordance with sections 152 Hammah is hereby proposed for to 159 of the Companies Act, 1963( Act election as a Director. 179) and accompanied by any 2014 ANNUAL REPORT i SIC Insurance Company Limited Contents i Notice of Annual General Meeting i Resolutions 01 Profile of Board of Directors 01 Directors, Officials and Registered Office 02 Corporate Direction 03 Directors’ Report 04 Board Chairman’s Report 07 Ag. Managing Director’s Statement 10 Financial highlights 10 Statement of Directors’ Responsibilities 11 Independent Auditors’ Report 12 Statement of Consolidated Comprehensive Income 13 Statement of Consolidated Financial Position 14 Consolidated statement of Changes in Shareholders’ Funds 15 Statement of consolidated cash flow 16 Notes to the consolidated financial statements 37 Proxy Form ii 2014 ANNUAL REPORT SIC Insurance Company Limited Profile of Board of Directors Mr. Mike Allen Hammah Dr. Sydney Yayah Laryea Mr. Justice Benjamin Okai Tetteh Mr. Ato Pobee Ampiah Chairperson Non - Executive Director Non - Executive Director Non - Executive Director Mr Mike Allen Hammah was Dr. Laryea was appointed as Mr. Justice Benjamin Okai Mr. Ato Pobee Ampiah was appointed the Chairman of the a Director in June 2011. He is Tetteh was appointed as a appointed as a Director in Board of SIC Insurance on an experienced Chartered Director in June 2011. He has June 2011. He is a Senior December 18 2014. Accountant and a Partner of worked as a Legal Officer with Member of the Ghana Institute Laryea Baddoo & Associates the Ghana Co-operative Bank of Engineers and a fellow of His work experience spans (Chartered Accountants and Limited and also worked in the Chartered Institute of through 1983 after his Management Consultants). various capacities since his Marketing Ghana. National Service at the Public call to the Bar with the Judicial Works Department in Tamale, Sydney is also the Board Service of Ghana including He is also a two-term past Northern Region, Ghana to Chairman of Goodmans sitting as a Circuit Court President of the Ghana 2000 when he was appointed Impex Company Limited and Judge and a High Court Employer’s Association and the Deputy Minister of Roads Chairman of the Audit and Judge at the Regional Ghana National Chamber of and Transport. Budget and Strategic Tribunal and at Cape Coast, Commerce. He was the former Planning Committees of the Wa and Agona Swedru. Managing Director of Ghamot He became Member of Board of the Bank of Ghana. Company Limited now Toyota Parliament for Effutu He holds an LLB Degree from Ghana and the Tema Oil Constituency, a coastal He is currently the Managing the University of London and Refinery. community in the Central Director of the following was called to the English Bar Region in the year 2000. He Companies: Integrated as a Barrister in Gray’s Inn. He He holds a BSc. Degree in lost the seat in 2004 and Investment Limited, Regent also has a Post Graduate Mechanical Engineering and regained it in the General West Africa and Tesano Certificate in Education from a Post-graduate Diploma in Elections held in Ghana in Commercial Limited Garnet College, London. Industrial Management from 2008. the Kwame Nkrumah He also holds a BSc Degree University of Science and From 2004, he was appointed in Accounting from the Technology, Ghana. In Principal Consultant for the School of Administration, addition, he holds certificates Strategic Heritage Service, University of Ghana, an MSc of professional study from and Construction Cost in Finance from the University various Institutions in the USA, Consultant, a position he held of Leicester, UK and a PhD Japan and Bangkok. until February 2009, when he from the Century University, became the Minister of Albuquerque, New Mexico Transport, Ghana. In January (USA). 2011 he was appointed the Minister of Lands and Natural Sydney is also a fellow of the Resources until 2012. Institute of Directors and the Institute of Chartered He obtained a Bachelor of Financial Consultants. Science Degree in Building Technology as Quantity Surveyor in 1980 from the Kwame Nkrumah University of Science and Technology in Kumasi. He currently holds a Master of Business Administration Degree in Finance, obtained in 2008 from the Central University College, Accra, Ghana. 2014 ANNUAL REPORT 1 SIC Insurance Company Limited Profile of Board of Directors cont. Mr. Fiifi Gyabra-Forson Mr. Robert Afflah Sackey Ms. Nancy Dakwa Ampofo Mr. Daniel Ofori Non-Executive Director Non-Executive Director Non-Executive Director Non- Executive Director Mr. Fiifi Gyabra-Forson was Mr. Robert Afflah Sackey was Ms. Nancy Ampofo was Mr. Daniel Ofori was appointed appointed as a Director in appointed as a Director in appointed as a Director in as a Director in July 2014. He November 2013. He has November 2013. He is a November 2013. She is a has over 30 years of expertise in Strategic and Barrister at Law and has been Lawyer of 31 years standing at experience in business Tactical Analysis, Petroleum called to the Ghana Bar. Mr. the Ghana Bar. She is also a Management. He is currently and Commodity Trading and Sackey is also an Associate of Notary Public. She previously the Managing Director of the Sports Administration. the Chartered Insurance worked with Addae Twum and WHITE CHAPEL LIMITED, a Institute (ACII) UK. Company, Redco Limited and multipurpose retail outlet in Mr Forson has previously R. Kocuvie Tay and Co. Accra. In 1999, Mr. Ofori worked as a Business He is currently the Insurance started a new company Development Strategist with Manager of the Social In the year 2000, Ms Ampofo known as ADVANCE R.S Amegashie and Partners Security And National established her own Legal VENTURES DEVELOPMENT and Courair Ghana Limited. Insurance Trust (SSNIT) a Firm, N.D.
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