Jul 2008 Financial News

Sagicor Financial Corporation – Annual General Meeting 2008

Jul 10, 2008

The following press notice was received from Sagicor Financial Corporation.

The Fifth Annual Meeting of shareholders of Sagicor Financial Corporation (SFC) was held on Thursday, June 26, 2007 at 5.30 pm at Hilton Barbados. It was the first Annual Meeting for Mr. Terrence Martins, Chairman of the Group.

Mr. Martins told the shareholders that during 2007, Sagicor continued to execute on a very clear business strategy, which the group has followed consistently for at least the last five years, and which has delivered excellent results over that period. He said, “We have moved from a single line, single company operation to a Group with multiple lines of business operating both regionally and internationally, while continuing to extract cost synergies and optimize the use of capital to maximize shareholder returns. Your Directors and Management, whose task it is to implement the strategy, believe that it is still the best strategic fit for our Group at this time.”

He cited the significant milestones for the Group during 2007, and the first quarter of 2008 such as, the SFC listing on the London Stock Exchange - the first Caribbean Company to be listed on the main market, and the acquisition of a Property & Casualty Syndicate in the prestigious Lloyd’s market, since rebranded Sagicor at Lloyd’s.

He explained, “The acquisition of the life insurance portfolio of Industrial Life, in the first quarter of 2008 significantly enhances our market position in the Dutch Caribbean; and the acquisition of a 77% interest in Barbados Farms Limited, permits the Group to participate in agriculture, an important economic activity in Barbados, and which also facilitates the orderly transition of non-productive lands into the next viable alternative.”

These events, he said, were all consistent with Sagicor’s business strategy and are designed to strengthen the Sagicor Group and enhance shareholder value over the long-term.


The Chairman also revealed that, “During 2007, the Sagicor Group implemented the first phase of a comprehensive and modern corporate governance architecture which reflects international best practice. When fully implemented, the architecture will provide the Group with a comprehensive, consistent and integrated governance model, which is linked to our Enterprise Risk Management (ERM) discipline.”

“The objective of ERM,” he continued, “is to achieve a more rational allocation of economic capital and to mitigate unexpected adverse effects of financial, business and operating risks. The Internal Audit function has been charged with providing a risk-based, independent, objective assurance regarding the adequacy of internal controls for managing risk both at subsidiary and Group levels. We have also implemented a Sarbanes-Oxley Internal Controls compliance certification programme designed to manage internal control weaknesses. We believe that strong governance is essential to our future profitable development and the protection of Shareholder value.”

Shareholders re-elected Mr. Andrew Aleong, Sir Hilary Beckles, and Mr. Chris deCaires to serve another three-year term as SFC Directors.

Mr. John Shettle, Jr, a Director of the Group’s US subsidiaries, Sagicor USA Inc, Laurel Life Insurance Company and Sagicor Life Insurance Company since 2006, was also elected to fill the vacancy created by the retirement of David Allan.


Source:
Thursday 10th July, 2008
The Trinidad and Tobago Stock Exchange Limited