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NICOL Corporate Governance Structure

The shareholders Annual General Meeting (AGM) is the highest organ of the company. The Board of Directors derives its mandate and authority from the AGM. The AGM elect the Board and appoint the external auditors periodically. The Board guides and controls all the affairs of NICOL.

nicol structure ANNUAL GENERAL MEETING

The shareholders Annual General Meeting (AGM) is the highest organ of the company. The Board of Directors derives its mandate and authority from the AGM. The AGM elect the Board and appoint the external auditors periodically. The Board guides and controls all the affairs of NICOL.

BOARD OF DIRECTORS

The Board is responsible for proper management and assured safeguard of the shareholders’ funds. The Board meets regularly to discharge its duties at the interval and frequency as regulated by the MEMATS. However, in the formative stages of NICOL the Board meets fairly frequently in order to keep close watch on the company’s development.

The Board formulates the oversees of the implementation of policies and strategic decision. The Board receives technical advices from the Investment Committee. Although the administrative and operational decisions are delegated to the management, the ultimate responsibility rests with the Board itself. The principle instruments for guiding the functions and operations of the company currently in place are: Financial Regulations, Staff Regulations and Investment Policy

INVESTMENT COMMITTEE

The investment committee makes sure that stakeholder’s funds are invested wisely in the high - return generating projects. It independently advised on the investment priorities and establishes and efficient portfolio for NICOL.

The Committee determines the placement of Assets and sees to it that the same is managed profitably. The Investment committee is the principle advisor to the Board regarding investment matters.

MANAGEMENT

The management, under the guidance of the Board, is charged with the day to day operations of the company. It handles the shareholders affairs and response to the enquiries. It maintains the proper records of the company’s proceedings and coordinate the implementation of the Board’s directives and resolutions on daily basis. The management works as the secretariat to the Board and Investment Committee respectively.

AUDITORS

The Annual General Meeting (AGM) appoints the Auditors to serve the office each year. It is responsibility of the Auditors to report to the shareholders on the Directors’ accountability to safeguard the shareholders’ interest.

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