Adamjee and EFu life insurance are the well known organizations in the insurance industries and competitors

too. They have their application of code of corporate governance which are given below. Irresponsibility the Adamjee the board members are updated as per the rule under companies ordinance, 1984 and corporate governance code. The members exercise their power and regularly

review policies without any influence and with complete independence in the best interests of the company. The Board members of the Adamjee Insurance comprises of eleven directors including one executive, four independent and six non executive directors hiving four fiduciary duties.The board comprises of eleven directors on the board of the Adamjee Insurance Company. The position of the Chairman is held by Mr. Umer Mansha. The Directors have confirmed that none of them is serving as a Director in more than seven listed companies including this Company. There are five committees led on the company namely the prior one being the audit committee, human resource and remuneration committee, underwriting committee, claim settlement committee, and re-insurance and co-insurance committee. The Executive compensation program is
designed to attract, motivate and reward and maintain superior management talent. The Executive committee places heavy emphasis on pay for performance. The committee believes that substantial portion of compensation should be at risk. Likewise outstanding performance leads to substantial increase in compensation. The meetings of the Board were presided over by the Chairman and in his

absence by a Director elected by the Board and the Board met at least once in every quarter. Written notices of the Board meetings, along with agenda and working papers, were circulated at least seven days before the meetings. The minutes of the meetings were appropriately recorded and circulated. In the Adamjee Insurance there is no Nomination committee for board nomination. They even do not have any written policy for board appointments and there is no formal process for application to the board, appointment of board is based on the shareholder voting system. A member entitled to attend and vote at the annual general meeting is entitled to appoint another member as a proxy to attend and vote instead of him/her. not all information is shared with the public as to too much information sharing could lead to certain confusion or disagreement from the shareholders. Adamjee has adequate policies to enquire the directors personal interest in the company. This is to ensure that what he/she can do if certain authorities/powers or remuneration given to the director. The financial statements, present fairly its state of affairs, the result of its operations, cash flows and changes in equity. Proper books of accounts have been maintained by companies. Both companies have followed proper disclosure requirements as mentioned by law
In EFU Insurance the board members are well acquainted with the responsibilities entrusted in them. The responsibilities and the duties of the board and the management of the EFU Insurance are not written in writing in the constitution of the company. Hence, they are implied. But the management and the board are well aware of their duties and liabilities. The Company encourages representation of

non-executive Directors on its Board. The Directors have confirmed that none of them is serving as a Director in more than seven listed companies including this Company. A complete record of particulars of significant policies along with the dates on which they were approved or amended has been maintained. There are seven board committees in EFU Insurance.

The aggregate amount charged in the financial statements for compensation, including all benefits, to the Chief Executive, Directors and Executives of the Bank. The meetings of the Board were presided over by the Chairman and the Board met at least once in every quarter. Written notices of the Board meetings, along with agenda and working papers, were circulated at least seven days before the meetings. The minutes of the meetings were appropriately recorded and circulated. The Board of EFU is made up of a substantial majority of independent, nonemployee directors and the Board considers this to be the appropriate structure. The Board of Directors has authority to fill vacancies in the Board and appoint additional directors and to nominate candidates for election by the shareholders. EFU insurance company strongly believes in providing full transparency to the public. No doubt that the companys annual reports portray each and every information from risk faced by company to board meetings. EFU has established a system through it can receive concerns from the management and shareholders. In compliance with the Code of Corporate Governance the Company has adopted Whistle Blowing Policy. The company has an established Code of Ethics which sets out the standards of conduct expected in the management of its business. The board performance is not evaluated, as ticked on the questionnaire (disagree). However, EFU believes to implement this any time soon. With no such performance evaluation criteria available, therefore the challenges faced by the directors and scope for improvement is not adequate. However the company does compare its policies with the international best practice. The financial statements, present fairly its state of affairs, the result of its operations, cash flows and changes in equity. Proper books of accounts have been maintained by companies. Both companies have followed proper disclosure requirements as mentioned by law. According to IAS 1 disclosure of financial statements all accounts have been disclosed showing proper adjustments. Both Adamjee and EFU insurance have no succession planning program. The present CEO of hired from external source. They believe on external source in this way new blood come in the organization with new thoughts.