AFRICAN REINSURANCE CORPORATION
REQUEST FOR PROPOSAL: SELECTION OF A CONSULTING FIRM FOR ADVISORY ON EMPLOYEE SHARE OWNERSHIP SCHEME/PLAN IN AFRICA RE
The African Reinsurance Corporation, “Africa Re” is an international organization with Headquarters in Lagos, Nigeria. Africa Re has six regional offices in Abidjan (Ivory Coast), Cairo (Egypt), Casablanca (Morocco), Lagos (Nigeria), Nairobi (Kenya), and Port Louis (Mauritius). In addition, Africa Re wholly-owns a Subsidiary in South Africa and a Retakaful company in Egypt. The Corporation is owned by 41 member states of the African Union (AU), the African Development Bank (AfDB), 111 African insurance and reinsurance companies and 3 leading global insurance and reinsurance groups.
Africa Re is looking for a consulting firm that will assist in putting in place an employee share ownership scheme/plan for Staff and Management of the Corporation. The consulting firm must have a good track record in advising and/or managing employee share ownership plans.
3.0 DUTIES OF THE CONSULTING FIRM
The consulting firm will have the following responsibilities:
- Review the existing rules governing employee benefits of Africa Re
- Review the Corporation’s establishment agreement
- Review the Corporation’s host agreements in all locations where the Corporation is present
- Review the various national laws on pension schemes governance
- Conduct a comparative study on similar schemes adopted by comparators/peer organizations to be agreed on
- Propose a plan that will allow Staff and Management to participate in the shareholding of the Corporation
- Propose a management approach for the plan. This should include the legal structure and mechanisms.
- Conduct a cost benefit analysis taking into consideration an average investment horizon to be defined
- Propose guiding principles and rules for the employee share ownership scheme
9.0 PROPOSAL SUBMISSION
All proposals must be in two (2) copies and delivered at the address quoted below: the deadline for
submission is 15 September 2019 (23:59 GMT). Any proposal received by Africa Re after this date will not be appraised.