2010 Annual Report and Financial Statements - UBA Plc

United Bank for Africa PlcReport of the Directors cont’dthe Group retains top-class private hospitals, where medical facilities are provided for employees and their immediatefamilies at the Group's expense.The Group has provided a state of the art gymnasium and fitness centre at its Head Office to enable employees keep fit andmaintain a healthy life style.The Group operates a Workmen's Compensation Insurance cover for the benefit of its employees. In Nigeria, we alsooperate a contributory pension plan in line with the Pension Reform Act, 2004, while in other countries, the practices areguided by local laws and regulations.iiiEmployee involvement and trainingThe Group encourages participation of its employees in arriving at decisions in respect of matters affecting their-wellbeing. Employees may through formal and informal communication channels contribute towards deliberations on issuesthat pertain to their welfare. Furthermore there is constant communication and a two way feedback system betweenmanagement and employees.The Group places a high premium on the development of its manpower. A lot of employees benefitted from trainingprogrammes organized via the e-learning portal. The Bank also sponsored a total of 11,819 employees for various trainingcourses both locally and overseas in the last financial year.ivResearch and DevelopmentThe Group, on a continuous basis, carries out research into new banking products and services.13. POST-BALANCE SHEET EVENTSThere are no post balance sheet events, which could have material effect on the financial state of affairs of the Group as atDecember 31, 2010 and the profit for the period ended on that date, that has not been adequately provided for.14. AUDIT COMMITTEEPursuant to Section 359(3) of the Companies and Allied Matters Act Cap 20 Laws of the Federation of Nigeria 2004, the Grouphas an Audit Committee comprising three non-executive directors and three shareholders. The members of the auditcommittee are as follows:1. Mr. Obinna Ufudo - Chairman/shareholder2. Mr. Charles Odita - Shareholder3. Alhaji Umar Al-Kassim - Shareholder4. Alhaji Garba S. Ruma - Non-executive Director (Retired July 31, 2010)5. Mrs. Foluke Abdulrazaq - Non-executive Director6. Chief Israel Ogbue - Non-executive DirectorThe functions of the Audit Committee are as laid down in Section 359(6) of the Companies and Allied Matters Act Cap 20 Lawsof the Federation of Nigeria 2004.15. AUDITORSMessrs PricewaterhouseCoopers were appointed auditors to the Bank at the last Annual General Meeting for the first time,and having indicated their willingness to continue in office, will do so in accordance with Section 357(2) of Companies andAllied Matters Act, Cap 20 Laws of the Federation of Nigeria 2004.A resolution will be proposed at the Annual General Meeting to authorise the directors to determine their remuneration.BY THE ORDER OF THE BOARDBILI A. ODUMGroup Company Secretary57 Marina,Lagos, Nigeria15th April 2011Annual Report and Accounts 2010 37