MFSL continues to adopt high standards of corporate governance, adhering to all applicable guidelines with transparent disclosures about the Company’s performance. As the holding company of the life insurance business, MFSL considers ethics, transparency and accountability to be its top-most priority.
MFSL has a Code of Conduct for the Company’s Directors and Senior Management. A declaration of the Directors and Senior Management’s affirmation to this Code of Conduct is communicated to all stakeholders by the Managing Director in the Annual Report.
More details on our ESG efforts in MFSL’s Annual Report available here
Some key committees to govern implementation of corporate governance at Max Life are:
It oversees the functioning of the process of all investigation units, discuss the key issues, and guides the action to prevent from any possible risks. The committee monitor the progress on the cases allocate to an investigation unit, review the findings of the critical matters required management attention. The Committee periodically review the Employee/Agent Disciplinary Action Process. This committee is chaired by Head-Compliance and permanent members are Head-Legal, Head-Internal Audit, Head-Dist. HR, Head-Non-Dist. All investigations Heads are part of this committee as Invited Members.
Key issues and actions taken are tabled in the Whistle-Blower Committee meetings periodically where all the whistle-blower matters are discussed, and management guides the action to prevent from any possible risks. The committee monitor the progress on the cases allocate to an investigation unit, review the findings of the critical matters required management attention. Chief People Officer chairs this committee and permanent members are Head – HR, Head - Legal and Head of Compliance, Chief Risk officer and IC Chairperson.
An internal committee, oversees the kind of issues being reported and monitor and guides the corrective and preventive measures around it. Management Team also reinforce the preventive measures during their branch visits, webcast and other team meetings.
Given the need to ensure compliance with external laws and regulations and internal policies, including its business code of conduct, the Board has determined that it should establish a Committee of Directors with delegated authority to monitor the Board’s responsibilities in these areas.