The Board of Directors is responsible for the oversight of the business, long-term strategy and objectives, and the oversight of the Company’s risks while evaluating and directing the implementation of controls and procedures including, in particular, maintaining a sound system of internal controls to safeguard shareholders’ investments and the Company’s assets.
At Dangote Sugar Refinery Plc. (“DSR Plc.”) we believe that the central aim of a great organization is the delivery of excellent and consistent service in line with its fundamental values. We remain committed to our values and pledge to safeguard and increase the value of our Company by wholesome Corporate Governance practices. The Company is compliant with the Code of Corporate Governance for Public Companies issued by the Securities and Exchange Commission (“the SEC Code”). The Company continually ensures compliance with all legal and regulatory requirements and global best practices, in order to remain a pace setter in the area of good Corporate Governance practices.
The Board of Directors is responsible for the governance of the Company and is accountable to shareholders for creating and delivering sustainable value through the management of the Company. To this end, the Board of Directors has put in place mechanisms that assist it to review on a regular basis, the operations of the Company so as to ensure that our business is conducted in accordance with good Corporate Governance and global best practices.
The Company produces a comprehensive Annual Report and Financial Statements in compliance with the Companies and Allied Matters Act. Adequate internal control procedures are established to ensure that the documents disclose the business and provide detailed audited Financial Statements in accordance with the relevant
Our Shareholders are encouraged to embrace the e-dividend in all its ramifications. This is in consistence with the Dangote Sugar Refinery Plc. overall business strategy, Shareholder Value Creation and commitment to good Corporate Governance Principles. This is to enable the Company to pay the dividend due to Shareholders by crediting their bank accounts with dividends immediately after they are declared. Consequently, we have requested all Shareholders to complete the detachable form in the Annual Report, in order to provide our Registrars, Veritas Registrars Limited, with their bank and other details.
The Board currently consists of nine members, the Chairman, the Acting Group Managing Director and seven Non-Executive Directors, two of whom are Independent Directors. The Board has the overall responsibility for ensuring that the Company is appropriately managed towards the achievement of the Company’s strategic objectives. The Board is headed by a Non-Executive Chairman.
The Board determines the strategic goals and policies of the Company to deliver long-term value by providing overall strategic direction within a structure of rewards, incentives and controls. The Board also ensures that Management strikes an appropriate balance between promoting long-term growth and delivering short-term objectives. In fulfilling its primary responsibility, the Board is aware of the importance of achieving a balance between conformance to governance principles and economic performance.
The Board delegated some of its responsibilities to standing Committees that consists of Executive and Non—Executive Directors. In compliance with the practices of good Corporate Governance, the Chairman of the Board of Directors is not a member of any of these Committees. The Committees are the Governance, Finance and Risk Management and Assurance Committees. The Committees report to the Board of Directors on their activities and recommendations, which are ratified by the full Board, at a subsequent Meeting.
The Dangote Group is one of the most diversified business conglomerates in Africa with a hard-earned reputation for excellent business practices and products’ quality with its operational headquarters in the bustling metropolis of Lagos, Nigeria in West Africa.
Since inception, the Group has experienced phenomenal growth on account of quality of its goods and services, its focus on cost leadership and efficiency of its human capital. Today, Dangote Group is a multi-billion Naira company poised to reach new heights, in every endeavour competing with itself to better the past.
The Group’s core business focus is to provide local, value added products and services that meet the ‘basic needs’ of the populace. Through the construction and operation of large scale manufacturing facilities in Nigeria and across Africa, the Group is focused on building local manufacturing capacity to generate employment and provide goods for the people. www.dangote.com .