Why insurers have high management expenses – Shareholder


Shareholders at an annual general meeting

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Chuks Udo Okonta

For companies to attract best hands and retain them, they should be ready to pay, this was the submission of the Coordinator Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu, while responding to the agitation on huge management expenses incurred yearly by underwriters.

He noted that the acclaimed huge management expenses, is often incurred in a bid to engage capable personnel to drive affairs of organisations , stressing that good services are not cheap anywhere in the world and that organisations that want to be at the top should be ready to pay for the services of professionals.
“If you want the best you have to pay for it, if any regulator is coming to take up an executive job, in some of these companies, you need to know how much such person would earn and the salary becomes personal to that person.
“The regulator can not just be in their cosy offices and say management expenses is high. Go and ask for the regulators audited accounts, you would see certain things that you would not believe,” he said.

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