Veritas Kapital Assurance Plc’s 2024 Sustainability Report: A Testament to Ethical Governance and Sustainable Practices
Veritas Kapital Assurance Plc, a leading insurance provider, has demonstrated its unwavering commitment to ethical governance and sustainable practices in its 2024 Sustainability Report. The report, filed with the Nigerian Exchange Limited (NGX), highlights the company’s remarkable achievement of zero reported incidents of bribery, corruption, or financial misconduct throughout the year. This accomplishment underscores the effectiveness of Veritas Kapital’s robust anti-corruption framework and its dedicated efforts to foster a transparent and accountable business environment. The company’s commitment to ethical conduct aligns with the NGX’s Sustainability Disclosure Guidelines and the Global Reporting Initiative standards, emphasizing environmental, social, and governance (ESG) principles.
Veritas Kapital’s zero-tolerance policy towards corruption, bribery, money laundering, and abuse of office forms the cornerstone of its ethical governance framework. To enforce this policy, the company has implemented a comprehensive suite of anti-corruption measures, including a secure, confidential, and independent whistleblowing platform. This platform empowers employees and stakeholders to report any potential violations without fear of reprisal, promoting a culture of accountability and transparency. Furthermore, the company has strengthened its collaboration with regulatory bodies, auditors, and compliance agencies to ensure strict adherence to ethical and governance standards, demonstrating its proactive approach to preventing and addressing misconduct.
Beyond its commitment to ethical governance, Veritas Kapital has also made significant strides in environmental sustainability. Recognizing its role in climate risk management and resource efficiency, the company has integrated eco-conscious practices into its operations. This includes promoting responsible waste management, enhancing energy efficiency, and reducing emissions. A key initiative in this regard has been the transition to electronic delivery of customer policy renewal notices, with over 80% now being sent digitally. This shift has significantly reduced reliance on printed materials, minimizing the company’s environmental footprint.
Veritas Kapital’s commitment to sustainability extends beyond its operational practices to encompass its internal processes. The company has embraced digitalization by transitioning internal communications, leave approvals, performance appraisals, training materials, and regulatory reports to paperless systems. This move not only reduces paper consumption but also streamlines workflows and enhances efficiency. The implementation of automated workflows and cloud-based document storage further underscores the company’s commitment to minimizing its environmental impact and promoting sustainable practices.
The company’s dedication to sustainability is deeply ingrained in its business strategy, which prioritizes the well-being of employees, customers, stakeholders, and the communities it serves. Veritas Kapital strives to create lasting social, economic, and environmental value through its operations. It actively engages in initiatives that support social development, promote financial inclusion, drive environmental sustainability, and strengthen corporate governance. This holistic approach reflects the company’s belief that sustainability is not merely about compliance but about being a positive force for change.
Looking ahead, Veritas Kapital remains steadfast in its commitment to sustainable excellence and responsible growth. The company pledges to continuously innovate and align its practices with global best practices, ensuring its position as a leader in the insurance industry and a responsible corporate citizen. By embedding sustainability into every aspect of its business, Veritas Kapital aims to contribute to a better, more sustainable world, setting a benchmark for ethical and environmentally conscious business practices.
