Complaint Management Policy

/Complaint Management Policy
Complaint Management Policy2020-08-17T16:14:21+00:00

Scope

This policy sets out the manner and circumstances by which Vitafoam’s shareholders may contact the company for assistance in addressing complaints regarding their shareholding. It also serves as a framework for shareholders’ feedback on matters that affect shareholders. This policy only relates to Vitafoam’s shareholders, and does not extend to Vitafoam’s customers, suppliers or other stakeholders. Vitafoam’s current Registrar (Meristem Registrars Limited) also has its own resolutions handling procedures and policies, which are not governed by this policy. The Registrar may be contacted through the details provided below.

Objective

This policy is designed to ensure enquiries and complaints from Vitafoam’s shareholders are managed in an efficient, fair and timely manner. It enables Vitafoam’s shareholders to access the appropriate Vitafoam contacts who will handle their specific complaints, resolutions and feedback.

Vitafoam’s commitment

Vitafoam is committed to providing high standards of services for shareholders, including:

  • Providing efficient and easy access to shareholders’ information;
  • Enabling shareholders to have shareholder related matters acknowledged and addressed; and
  • Providing the means for shareholders’ enquiries and complaints to be appropriately handled.

Terminology

Unless otherwise described in this policy, the following terms and definitions apply throughout this policy:

  • Vitafoam means the company Vitafoam Nigeria PLC (RC 3094), which has ordinary shares quoted on the Nigerian Stock Exchange
  • Shareholder means the registered owner of ordinary shares in Vitafoam.

Procedures for shareholders to make enquiries and complaints

There are a number of ways shareholders can access relevant information about their shareholdings and make related enquiries and complaints.

a) Shareholders can access detailed information on Vitafoam’s website at www.corporate.vitafoamng.com to assist shareholders with managing their shareholdings, including:

  • Dividend history;
  •  Calendar of key dates;
  •  Useful shareholders forms;
  • Frequently asked questions etc.

b) Contact of the Registrar: Shareholders who wish to make enquiries or complaints about their shareholding should initially contact Vitafoam’s Registrar (see the contact details set out below). The Registrar manages all the registered information relating to all shareholdings, including:

  • Shareholder’s name(s);
  • Shareholder’s address;
  • Transfer of Shares;
  • Transmission of Shares;
  • Dividend payment instructions.
  • E-dividend mandate;
  • Non-receipt of reports, dividends and other documents.

c) Second point of contact: If the share registry is unable to satisfactorily resolve shareholders’ enquiries and complaints, then shareholders should contact Vitafoam’s Company Secretariat (see the contact details set out below).

Enquiries and complaints to Vitafoam

Vitafoam is committed to responding to shareholders’ enquiries and complaints fairly and promptly, whether by email, telephone, or post.
Once the enquiry has been received, the Company Secretariat will:

  • Carefully listen and consider the enquiry or complaint;
  • Record all relevant details;
  • Confirm the particulars received (if the enquiry is by phone);
  • Explain the options available;
  • Clearly and concisely articulate a response;
  • Refer and escalate to the Registrar (if required); and
  • Follow-up and keep the shareholder informed (if required), until the matter is satisfactorily resolved.

Mode of response

Vitafoam will commence an investigation into the enquiry or complaint within one business day of receiving notice from the shareholder. Vitafoam will provide a response within a reasonable period, and not later than five business days.If Vitafoam is not in a position to respond within five business days, then Vitafoam will contact the shareholder to acknowledge receipt of the enquiry or complaint and confirm that the matter is being investigated. Delays may be experienced in some situations, including where documents need to be retrieved from storage. Vitafoam will respond using the same or similar medium that was used for the initial enquiry, whether by email, phone, post or fax, unless otherwise notified to or agreed with the shareholder.

Recording of enquiries and complaints

Vitafoam will record details about an enquiry or complaint to assist in thorough investigation of the matter, which may include recording all or some of the following information:

  • The date that the enquiry or complaint was received;
  • Name of the shareholder;
  • The Shareholder Reference Number (SRN) or Holder Identification Number (HIN);
  • Telephone number or other contact details;
  • The Nature of enquiry or complaint;
  • What the shareholder is seeking;
  • Whether there is any cost associated; Action taken; and
  • Copy of all correspondence sent to the shareholder.

Vitafoam will liaise with the Registrar

During the course of investigating a shareholder’s enquiry, complaint or feedback, Vitafoam may liaise with the company’s Registrars. If necessary, Vitafoam’s engagement with the share registry will include:

  •  Ascertaining the facts;
  • Determining what action has been undertaken by the Registrar (if any); and
  • Coordinating a response with the assistance of the Registrar.

Escalating an enquiry or complaint

If the circumstances require, a shareholder’s enquiry or complaint that is received by Vitafoam may be escalated to Vitafoam’s Executive Management, and if necessary, to Vitafoam’s Group Managing Director.

Resolving an enquiry or complaint

Once Vitafoam has received an enquiry or complaint, Vitafoam will then:

  • Commence an investigation;
  • Determine whether the enquiry or complaint relates to a breach of legislative or regulatory requirements and if so, determine what notification to the regulatory body is appropriate (if any);
  • Determine the course of action; and Communicate the response to the shareholder.

Registrar’s Contact Details

Vitafoam’s Registrar may be contacted using the following details:

Vitafoam’s Secretariat

Shareholders seeking more information about the company are invited to contact the office of Company Secretary at:

General Vitafoam Enquiries

All general enquiries regarding Vitafoam should be directed to the company’s head office at:

Nigeria Stock Exchange (NSE) and Securities & Exchange Commission

Vitafoam’s shares are traded on the floor of the Nigerian Stock Exchange in Lagos, Nigeria. Vitafoam is therefore subject to the regulatory framework of the Exchange with respect to shares’ management and corporate governance issues. The Exchange will therefore be notified of issues relating to shareholders’ complaint that proved difficult to resolve either by the Company or its Registrar. In exceptional circumstances, the Securities & Exchange Commission as a government regulatory body may be contacted to arbitrate over serious shareholders’ complaints and give necessary direction to the parties involved.

Publication

This policy is available on Vitafoam’s website at www.corporate.vitafoamng.com. A copy of the policy may be requested by contacting The Company Secretariat.

Resources

Vitafoam will make available sufficient resources so that shareholders’ enquiries and complaints may be dealt with adequately, and in an efficient and timely manner. Where changes to systems, policies and procedures are required, Vitafoam will investigate potential solutions and apportion resources where necessary.

Charges and Fees

Wherever possible, and subject to statutory requirements, Vitafoam will not charge shareholders for making enquiries, giving feedback, providing a response towards resolving an issue. Shareholders are regularly informed that in some circumstances the share registry may charge stipulated fees for certain services, including resending old dividend statements upon request by shareholders.

Review

Vitafoam will regularly review this policy and the procedures concerning shareholders’ enquiries, complaints and feedback. As part of the review, Vitafoam will identify and analyse systemic and recurring problems and put in place remedial actions to prevent recurrence of similar problems. Any changes or subsequent versions of this policy will be published on Vitafoam’s website.

THIS POLICY WAS APPROVED BY THE BOARD OF DIRECTORS OF VITAFOAM ON 21ST DECEMBER, 2015