STAKEHOLDER MANAGEMENT, ENGAGEMENT & COMMUNICATION POLICY

The Stakeholder Management, Engagement & Communication Policy has been reviewed and approved by:

Name Designation
Dr. Oba Otudeko, CFR Chairman, Board of Directors
Mr. Lanre Jaiyeola Managing Director

Introduction

This policy details how Honeywell Flour Mills Plc (the "Company" or "HFMPlc") will engage its external stakeholders, and how these stakeholders can communicate with members of the Board and Management. 'Stakeholders' as used in this document includes the Company's shareholders.

ENGAGEMENT WITH STAKEHOLDERS

HFMPlc recognizes the importance of its stakeholders, and acknowledges their right to be informed about the activities of the Company. HFMPlc also recognizes the benefits of its stakeholders' input on the overall strategy of its business, governance and operations. Through the Annual Report, Management communicates the Company's progress during the year under review. The Annual General Meeting (AGM), which is attended by shareholders or their proxies, provides an opportunity for the Board and Management to engage with shareholders and encourages shareholders' questions and participation in matters pertaining to operations, corporate governance, financial performance, amongst others. Stakeholders may also engage with the Board and Management through any of the following means:

1. Stakeholders' communication with the Board

HFMPlc aims to foster transparency and openness in its communication with stakeholders, in order to develop a balanced understanding of their issues, and to ensure that these are appropriately addressed. This line of communication will mainly cover governance, strategy and sustainability-related issues, such as succession planning for the Board and critical roles, corporate governance implementation and risk assessment. Stakeholders may:

  • Send written correspondence to the Chairman of the Board, other members of the Board or the Company Secretary detailing the issue (s) of concern;
  • Request a meeting with a Director or the Company Secretary to discuss the issue(s) of concern;
  • Ask questions at the Annual General Meeting.

Written correspondence shall be addressed as follows: Honeywell Flour Mills Plc
NPA Premises, 2nd Gate Bye-Pass
Tin Can Island Port
Apapa, Lagos
Email: hfmp@honeywellflour.com

All engagements with stakeholders and the Board's response will be recorded.

2. Stakeholders’ communication with Management

This line of communication will mainly cover operational performance, financial matters, or similar topics. Stakeholders may:

  • Send written correspondence to the Managing Director;
  • Request a meeting with Management.

 

In response to stakeholders, Management may adopt any of these methods, depending on the nature of the issue raised:

  • Written correspondence
  • Focus groups
  • Surveys
  • Town hall meetings
  • Meetings with selected/concerned stakeholders
  • Online feedback mechanisms
  • Press statements

 

 

RESPONSIBILITIES

  • The Board

The Board shall:

  • Ensure that all communication to stakeholders is addressed in clear and easily understood language;
  • Ensure that such communication is uploaded on the Company’s website as is deemed necessary;
  • Ensure that all communication is disseminated in accordance with the principle of timely, accurate and continuous disclosure of material information on the Company’s activities, in order to promote a fair and balanced view of the Company, including its non-financial matters;
  • Establish an investors’ portal on the Company’s website, which will contain this policy, the Company’s annual reports for five immediately preceding years, and other relevant information;
  • Ensure that dealings of the Company with shareholder associations are always transparent and in the best interest of the Company.

 

  • The Company Secretary

    The Company Secretary shall:

  • Determine whether the communication received should be addressed by the Board or by Management;
  • Act as an agent of the Board and Management, to carry out a first-level review of communication to the Board and provide advice on how these should be addressed;
  • Act as an agent of the Board and Management to ensure that all communication to stakeholders is drafted in a manner which is clear, concise, and easily understood;
  • Consider meeting or further engagement requests from stakeholders and advise thereon;
  • Ensure proper and effective communication lines between the Board and stakeholders, and between Management and stakeholders.

 

REVIEW

The quality of the Company’s stakeholder engagement shall be evaluated periodically in order to identify the benefits, areas of improvement and the overall quality being delivered.

This policy will be reviewed periodically, based on evolving trends and regulations governing stakeholder management, to ensure its suitability for purpose