Concerns Raised Over Governance Practices at Himalayan Everest Insurance

Kathmandu – Questions have been raised regarding the internal governance practices at Himalayan Everest Insurance Company, as employees from various departments are reportedly required to visit the residence of Chairman Mahendra Krishna Shrestha in Babarmahal to obtain signatures on company files.

Despite the company’s impressive headquarters in Babarmahal, several staff members have been seen conducting official tasks from the chairman’s home. Sources within the company claim that this practice has continued for some time, prompting concerns about adherence to corporate governance standards.

Officials from the Nepal Insurance Authority (NIA), speaking on condition of anonymity, acknowledged awareness of internal issues within the company. However, they stated that no formal directive for an investigation has yet been issued.

According to employees, family members and relatives of board directors, including senior management personnel, are working in key positions within the company. This has raised concerns among staff regarding transparency and fairness in appointments and operational decision-making.

The company was formed through the merger of Himalayan General Insurance and Everest Insurance. Following the merger, former CEO Vijay Bahadur Shah was relieved of his position, and Anju Shrestha was appointed as CEO. While Shrestha currently holds the executive title, insiders allege that major administrative decisions are still subject to approval from the chairman.

Employees have also expressed inconvenience over administrative procedures that require them to obtain signatures from the chairman’s residence, rather than through the company’s central office, as per standard practice.