Insurance

NAICOM creates window for disqualified directors

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Kari

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Chuks Udo Okonta

A director disqualified by the nine years rule as stated in the code of corporate governance, may be reappointed to the same board after a cooling period of three years, the Commissioner for Insurance, Mohammed Kari, has said.

Kari who disclosed this in Lagos, also posited that the 40 per cent maximum stipulated for executive management in the board structure of the code must include, at least one executive director, to be responsible for technical operational matters and that the executive director shall have the qualification required in the law of that of the chief executive officer.

“On meeting of that requirement, companies may have other executive directors they wish up to the limit of the 40 per cent,” he added.

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