Corporate Governance
Forester Life is registered and regulated
within the UK and has its own Board of Directors.
Our parent organisation is based in Canada
and has a separate International Board of Directors. This Board is
elected every four years and is responsible for the business and
membership affairs of Foresters from an international perspective.
The International Board oversees the strategic direction and
management of our organisation, makes certain that processes are in
place to ensure the integrity and transparency of our financial
reporting and that ensures we conduct our affairs in
compliance with all applicable laws and regulations. Our current
International Board of Directors was elected in 2009, with the next
election scheduled for June 2013 at Foresters International
Assembly.
Each Board Member has a duty to act honestly
and in good faith with a view to the best interests of Foresters.
The process to evaluate the effectiveness of our Board of Directors
and its members is the responsibility of our Ethics and Governance
Committee.
14 of our 15 Directors are independent
and not employees of Foresters. These Non-Management Directors are
members of Board Committees that support our Board of Directors in
its stewardship of Foresters as follows:
Inspection and Audit
Committee- Investment Committee
- Fraternal Committee
- Human Resources and
Compensation Committee
- Ethics and Governance
Committee
In the UK, Forester Life Ltd is
authorised and regulated by the Financial Services Authority (FSA).
Canadian Foresters is regulated by the Federal Canadian regulator,
the Office of the Superintendent of Financial Institutions (OSFI),
through the Insurance Companies Act of Canada. Our activities in
the United States are subject to the laws and regulations of that
country.