Independent Non-Executive Director (INED) at the African Reinsurance Corporation (Africa Re)

The African Reinsurance Corporation (Africa Re) is the leading African reinsurance company with headquarters in Lagos (Nigeria). Africa Re has six regional offices: Casablanca (Morocco), Abidjan (Côte d'Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius). The Corporation equally has two subsidiaries: African Reinsurance Corporation South Africa Ltd in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt) and one Local Office in Addis Ababa (Ethiopia).

Africa Re has a broad-based shareholding comprising 41 African member States, the African Development Bank (AfDB), 114 African insurance and reinsurance companies and three non-regional shareholders, including leading global insurers and reinsurers. The Financial Strength and Credit Rating of Africa Re is A by A.M. Best and A – by Standard & Poor’s.

We are recruiting to fill the position below:

Job Title: Independent Non-Executive Director (INED)

Location: Nigeria

Job Summary

• Led by an Independent Chair and composed of a mix of Independent and Non-Independent Directors, Africa Re’s Board of Directors consists of fourteen (14) Non-Executive Directors (NEDs).
• Twelve (12) of these are Non-Independent Directors, selected by Shareholders to represent various Constituencies or Electoral Groups of shareholders.
• The other two (2) NEDs are appointed by the Board of Directors as Independent Non-Executive Directors (INEDs) without any direct relationship with Shareholders or their Constituencies.
• The Board of Directors of Africa Re plays a crucial role in shaping the Corporation’s strategy, vision and purpose, holding the Corporation accountable for delivering its strategy and collectively overseeing its performance.
• The Board is also responsible for ensuring that risks to the Corporation and the public are effectively managed and mitigated.

Responsibilities
The INED (Independent Non-Executive Director) will undertake the following key responsibilities amongst others:

• Leadership:Providing leadership and guidance to the Board of Directors on matters involving the Chairperson's or other Directors’ potential or actual conflicts of interest, including identifying situations where such conflicts might affect the Chairperson’s and other Directors’ independent judgment.
• Board Meeting Chairing: Chairing Board meetings, in the case the INED is not the substantive Chair of the Board of Directors, when the Chairperson and/or the Vice Chairperson are unable to do so due to a conflict of interest or perceived conflict, ensuring impartial and effective leadership during such times.
• Confidential Consultation: Serving as a confidential advisor to the Chairperson on matters of governance, Board performance, individual Director performance evaluations (if formally requested by the Board) and concerns raised by Directors, Shareholders or Employees.
• Performance Evaluation: Conducting or overseeing the annual performance assessment of the Chairperson of the Board of Directors (if formally requested by the Board) and the Board Committees (if formally requested by the Board) on the basis of confidential feedback from all Directors.
• Support and Organization: Assisting the Chairperson in organizing and overseeing the Board and its Committees, ensuring they function effectively and adhere to corporate governance standards.
• Advisory Role: Supporting the Board in ensuring effective operation of the Corporation’s governing bodies and providing guidance / advice on transactions and deliberations.
• Information Liaison: Staying informed about significant events and developments related to the Group, including strategy, organizational changes, financial reporting, major investments and divestments, financial transactions and shareholder relations.
• Board Responsibilities:: Ensuring that the Board and the Group Managing Director/CEO clearly understand their respective roles / responsibilities and maintain a clear distinction between Board oversight and Executive Management duties.
• Conflict Guidance: Advising Board Directors and Executive Management Members who may be facing potential conflicts of interest.
• Onboarding and Training: Overseeing (if formally requested by the Board) the orientation and training of new Board members to ensure they are well prepared for their roles.
• Representation: Representing the Corporation with the Chairperson’s approval, and coordination with the Group Managing Director/CEO and Corporate Secretary, in situations requiring Board level intervention, particularly in response to Shareholder(s)’ inquiries on corporate governance topics.
• Agenda Setting: Adding relevant topics to the Board’s meeting agenda as deemed necessary.

Requirements
The INED shall be:

• A national of the 42 African member States signatories for the Agreement Establishing the African Reinsurance Corporation (Africa Re) (https://www.africa-re.com/shareholders)
• Forty (40) years old minimum and sixty-five (65) years maximum at the time of application

Additional Requirements:

• Excellent communication skills, with the ability to work effectively as part of a team and an understanding of Corporate Governance
• Self-confidence and willingness to engage in constructive challenge, and bringing diverse perspectives to the Board
• Cultural intelligence, openness and trust in fellow Board members
• Highly refined facilitation and listening skills to maximize the intellectual capability of the Board
• Contribution to strategy development by offering experience and independent judgement, to help the Board formulate and evaluate effective strategies.
• Strong time commitment to provide oversight and pose high-level questions in a competitive and fast-paced environment
• Proven capacity to understand the needs, abilities and aspirations of others; with a focus on the needs of the group rather than the needs of individuals.
• Applicant shall also be a Transformational Leader who demonstrates:
• A commitment to fostering transformational leadership qualities in others, encouraging individuals to develop these skills and collectively take responsibility for driving organizational change.
• Intellectual stimulation to maximize the intellectual capability of the Board
• Charismatic and inspiring leadership that motivates and guides the Board and the Corporation.

Competencies:

• Audit and Financial Control: Strong and proven understanding of International Financial Reporting System (IFRS), the financial reporting mechanisms, and what it takes to ensure the accuracy and quality of corporate financial statements.
• Reinsurance Management Experience: Proven background in managing reinsurance companies specifically in underwriting and/or investment at MD/CEO Level or Senior Executive Management levels.
• (Re)Insurance Industry Knowledge: In-depth understanding of the life/non-life (re)insurance industry.
• Technical Expertise in (Re)Insurance: Possesses technical/professional skills relevant to the Board's role such as underwriting, claims management, actuarial, investment, or finance.
• Corporate Governance Knowledge: Understands the essential governance principles of companies and their application at the Board level.
• Financial Sector Management Experience: Proven track record in serving as a MD/CEO and/or Board Directors in financial institutions.
• Diversity of Thought: Brings a fresh perspective and unique insights to the Board.
• Geographical Affinity and Networking: Experience working in emerging economies particularly in Africa.
• Networking: Experience in navigating relations with African Governments and insurance regulatory bodies is a plus. High degree of professional excellence and discretion in advising on and handling sensitive matters in an international environment
• Board Experience in DFIs: Long enough experience in Board matters of African Development Finance Institutions (DIFs) and multilateral institutions
• Personality: Strong personality with the ability to build positive working relationships and contribute constructively to the Board's culture.
• Integrity: Demonstrates high ethical standards in both professional and personal dealings.
• Behavioural Competencies: Effective team player with the ability to interact constructively with key stakeholders.
• Strategic Expertise: Ability to understand and assess / review the corporate strategy.
• Legal Expertise: Strong understanding of legal and compliance requirements of companies of the status, nature and size of Africa Re.
• Risk Management: Experience in managing major risk areas of Africa Re and other financial companies.
• Leadership and Change Management: Proven experience as a CEO or Senior Executive Management Team Member in a similar or larger organization.
• Language Proficiency: Fluent in English and / or French, a working knowledge of one or more languages used in African Union (AU) member States would be an advantage.

Benefits
The successful candidate shall have the following benefits:

• Competitive Remuneration and Allowances
• Additional benefits and privileges which will be communicated to the selected candidate.

Application Closing Date
30th September, 2024.

How to Apply
Interested and qualified candidates should:
Click here to apply online