Gable applies principles of corporate governance proportionate to its size.
Next year end 31 Dec 2015.
Correction: On 10 September 2015, Gable incorrectly listed GenRe as one of its reinsurers providing ‘automatic facilities’. Gen Re have provided case by case facultative reinsurance on certain French accounts. Gable would like to apologise for any confusion which occurred as a result.
The company supports the concept of an effective board leading and controlling the Group. The board is responsible for approving Group policy and strategy and has a schedule of matters that it makes decisions on. The management team supplies the board with appropriate, timely information and the directors are free to seek any further information they consider necessary. All directors have access to advice from the Company Secretary and independent professional advice at the company’s expense.
The board consists of one executive director, who holds the key operational position in the Group, and three non-executive directors, who bring a breadth of experience and knowledge. This provides balance, ensuring the board’s decision-making cannot be dominated by one person. The Group’s insurance business is run by William Dewsall.
The company values the views of its shareholders and recognises their interest in the Group’s strategy and performance. The annual general meeting will be used to communicate with private investors and they are encouraged to participate. Separate resolutions will be proposed on each issue so that they can be given proper consideration, and there will also be a resolution to approve the annual report and accounts.
We keep our website up-to-date and it remains the most practical way to communicate with shareholders.
The board is responsible for maintaining a strong system of internal control to safeguard shareholders’ investments and the Group’s assets.
The system of internal financial control is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.
The audit committee is chaired by Blaise Craven and comprises three of the non-executive directors. It is responsible for ensuring that the financial performance of the Group is properly monitored and reported on, as well as meeting the auditor and reviewing any reports from the auditor regarding accounts and internal control systems.
The principal operating company within the Group is Gable Insurance AG and members of the board are invited to attend its own regular board meetings.
The board has considered the need for an internal audit function and – as part of its implementation of the proposed requirements of Solvency II – has appointed external consultants to provide an internal audit function to Gable Insurance AG.