Development strategy of "Qala Insurance" OJSC
Always contributing to the development of the Azerbaijani insurance market, “Qala Insurance” OJSC holds development of the insurance market as it`s key strategy. Our Company executes it`s development strategy by promoting the following values:
- To act based on the principles of transparency, fairness and honesty;
- To comply with the requirements established by the legislation;
- To pay taxes and other obligatory payments in the manner, terms and amount established by the legislation;
- To abide with money laundering regulations and take measures against the legalization of criminally obtained money or other property and the financing of terrorism;
- Protect ethical standards, business practices and the company's reputation;
- To promote itself as a reliable partner by offering quality insurance services and products with favorable terms and conditions;
- To ensure customer satisfaction and constantly improve and perfect the process of satisfaction measurement;
- To ensure full protection of information that is considered as a confidential insurance data;
- Continuously improve the company's financial performance, control income and expenses and ensure the efficient use of the company assets;
- To form a reserve fund;
- To ensure compliance of financial statements with the legislation of the Republic of Azerbaijan and International Financial Reporting Standards;
- To create conditions that are suitable for employee career development, to ensure safe working environment, to organize regular trainings and exercises in order to increase employee skills and knowledge;
- Perform selfimprovement for application of modern technologies and innovations in Company`s daily operaitons.
Dividend Policy of "Qala Insurance" OJSC
Dividend Policy structures the procedures for making decisions on the dividend payouts, determines the procedure for calculating the number of dividends and the rules for their distribution, as well as aims to inform other stakeholders.
The objectives of dividend policy:
- Providing information on the financial status of the company and the results of operations for the reporting period to users of financial statements, the management, founders, as well as foreign users - investors, creditors, regulators and government agencies;
- Determination of fundamental principles of dividend accounting;
- Development of regulations defining the powers under the management of dividend accounting;
- Ensuring the implementation of and compliance with the requirements of the Republic of Azerbaijan legislation in the management of dividend accounting.
Dividend policy is based on the following principles:
- Transparency – clarification and determination of information on the responsibilities and obligations of the parties involved in the fulfillment of the dividend policy, including the decision-making on the sum and payout of dividends;
- Timeliness – establishment of temporary barriers for the dividend payments;
- Justification – implies that the decision on payout and amount of dividends may only be made if the company demonstrates positive financial results, taking into account the development policy and investment program;
- Equity – ensuring all the shareholders have equal rights to be informed about the payout, amount and distribution of dividends;
- Consistency – an absolute execution of procedures and principles of the dividend policy;
- Stability – desire to ensure a stable level of dividend payouts.
Procedure for making decisions on the dividend payment:
- Decisions on payment of dividends, including decisions on the amount of dividends and the form of payment are made at the General Shareholders’ Meeting.
- Making decisions on the payment of dividends on shares of all categories (types) is a right of the company.
- Making decisions about dividend payment and the process thereof are guided by the corresponding legislation of the Republic of Azerbaijan.