BOARD COMPOSITION

& ITS OPERATION

BOARD OF DIRECTORS

The Board of Fareast Islami Life Insurance Company Limited considers that its membership should comprise of directors with an appropriate mix of skills, experience and personal attributes that allow the directors, individually and the Board, collectively, to discharge their responsibilities and duties, under the law,
efficiently and effectively, understand the business of the company and assess the performance of the management.

COMPOSITION

The Board of Fareast Islami Life Insurance Company Ltd. comprises of twenty members of which Sponsor Directors are twelve, Shareholder Directors six and Independent Directors two. All the Directors possess a wide range of skills and experience over a range of professions, business and service. Each of our directors brings in independent judgment and considerable knowledge to perform their roles effectively. The Board of Directors ensure that the activities of the company are strict and highest possible ethical standards and in the best interests of the stakeholders.

MEMBERSHIP OF INDEPENDENT DIRECTOR

The Company appointed two Independent Directors namely Dr. M. Mosharraf Hossain FCA & Mr. Mohammed Hafizour Rahman FCA, ACS. One of them (Dr. M. Mosharraf Hossain FCA) is the Chairman of the Board Audit Committee. He is a professional Chartered Accountant with diversified skills and knowledge.

The office of Directors is subject to retirement as per Articles of Association of the Company. At least one-third of the Directors from each group shall retire by rotation in every Annual General Meeting, but remains eligible for re-election. Casual vacancies, if any are filled by the Board in accordance with the stipulations of the Companies Act, 1994 and Article of the Company. The Independent Director is appointed by the Board of Directors meeting and approve by the shareholders in Annual General Meeting for a term of three years.

DIRECTOR COMPENSATION

Except the Cheif Executive Officer, none of the Directors holds any position and does not receive any remuneration other than fees for attending the Board/Committee meetings. The maximum fees payable to Directors is Taka 5,000 for attending each meeting. In the year 2015, sixteen Boards Meetings were held to discuse scheduled businesses of the Company.

The Board is committed to the company seeking to achieve superior financial performance, long term prosperity and remains concerned to protect the interests of all stakeholders, while meeting stakeholders' expectations of sound corporate governance practice. The Board has the responsibility to periodically review and approve the overall strategies, business policy, organization and significant policies of the company. In discharging the above responsibilities, the Board carries out the following functions as per the charter of the Board.

• Determine, monitors and evaluate strategies, policy, management performance criteria, objectives, business plan etc.
• Ensuring that decisions and investment are consistent with long term strategies goals.
• Ensuring and guiding management to manage external stakeholders.
• Approving the company's Annual Report & reviewing its periodical financial report.
• Ensure the compliance with all relevant laws and regulations.
• Review the Report of the audit committee.
• Delegation to Board committees and management and approval of transactions in excess of delegated level.
• Ensuring proper decision making andaccountability structure throughout the company.
• Approval of annual budget including major expenditure proposals.
• Regular review of financial performance and overdue situation.
• Appointment and evaluation of the performance of the top management position.
• Monitoring the adequacy, appropriateness and operation of internal controls.
• Appointment Independent Director.
• Appointment consultants and other Advisors in compliance with the norms.

CONTACT TO DIRECTOR

Interested parties may communicate with any Director by sending letter to such Directors giving attention to the Company Secretary, regarding any matter related to the company affairs to the following address:

FAREAST ISLAMI LIFE INSURANCE CO. LTD.

Fareast Tower

35 Topkhana Road, Dhaka-1000.

Phone: 9568120, 09613000123

Fax: 88 02 9573077

E-mail  : This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Web     : www.fareastislamilife.com

ORGANOGRAM OF BOARD AND ITS COMMITTEES

The Corporate Management of Fareast Islami Life Insurance Co. Ltd. encompassing consisted of three committees, two Councils and three sub Committees as are shown below :