Corporate Governance

The Chairman of the Board is appointed by the President of the Revolutionary Government of Zanzibar, whereas other members of the Board are appointed by the Minister for Finance and Economic Affairs.

 

In order to conduct business in accordance with generally accepted practices the Directors do the followings:-

 

- They regularly attend to all scheduled Board Meeting;

- The Position of Chairman and Chief Executive Officer are held by different people;

- They make all strategic and policy decisions, the approval of budgets and monitoring of Performance;

 

Investment Committee: This committee is reasonable for the definition and implementation of Investment policy and authorization of the placement of investment funds.

 

Audit Committee: This committee is responsible for all matters relating to policy implementations, internal controls, internal and External audit processes. more

Annual Reports
COmpany regulations

DISABLED PERSONS
The Corporation does not discriminate disabled persons. Disabled persons are recruited for those vacancies that they are able to fill.

DIRECTORS INTERESTS
The Director do not hold any interest in the issued and paid up share capital of the Corporation.

EMPLOYEES WELFARE
The Corporation had a staff compliment of 64 employees as at 31st December, 2011. They include professionals in various fields related to the Corporation’s business.

POLITICAL AND CHARITABLE DONATIONS
Donations amounting to TZS 29,507,461 were given to various institutions in order to assist their developments. They include schools, hospitals, NGO’s and the Association of Tanzania Insurers.

AUDITORS

TMC Associates were the statutory auditors of the Corporation for the year 20011 appointed by the Board Meeting of the Corporation held on 23 rd December, 2010.The auditors are eligible for re-appointment

 

BY ORDER OF THE BOARD

 

INDEPENDENT AUDITOR' S REPORT TO THE SHAREHOLDERS

 

We have audited the accompanying financial statements of Zanzibar Insurance Corporation, which comprise the balance sheet as at 31 st December, 2011, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and summary of significant accounting policies and other explanatory notes. We received all the information and explanations which we considered necessary for the audit purposes.

 

Directors Responsibility for the Financial Statements

 

The Directors are responsible for the preparation of and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

 

Auditors' Responsibility

 

Our responsibility is to express on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

 

An audit involves performing procedures to obtain audit evidence evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgments, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risks assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the financial statements in order to design audit opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 

Opinion

 

In our opinion the financial statements give a true and fair view of the financial position of Zanzibar Insurance Corporation as at 31st December, 2011, and of its result of operations and its cash flow for the year then ended in accordance with international financial reporting standards.