- Objectives and strategies
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Presenting the Judging Panel’s Findings and PwC’s observations, PwC Partner Michael Ho Wan Kau said that the banks were, as last year, generally ahead of the pack, but that much improvement had been made by “the smaller banks” over the year. Some reports like those of the Mauritius Revenue Authority or the Bank of Mauritius provided a lot of statistics that are useful for further analysis. Discussions made by the Sugar Industry Pension Fund around issues it was facing are other positive observations. The Q&As style in which ENL Land’s CEO commented on his business was refreshing and innovative..
However, “there is still room for improvement” according to the Judging Panel. Several suggestions were made to improve the quality of annual reports, the main one being around “integrated reporting”, that is, issuing a report that aligns an entity’s objectives, strategies, risks, actions, results and remuneration, and that includes forward looking information.
PwC Partner Michael Ho Wan Kau also called for a review of the accounting treatment of certain transactions and events that do not appear appropriate and, if appropriate, needs to be explained with more clarity.
• Use navigating “tabs” to guide users
• Join up your reports
• Align your discussion with your segmental reporting
• Talk group and business
• Cut the clutter
• Provide forward looking information
• Reassess what are your right KPIs
• Review the entire report to identify errors of detail
On the accounting side:
• Significant fair value gains distorting reported performance
• No change in value of investment properties for many years
• Qualification of the valuers
• Capitalisation of certain costs in the sugar sector
• Low depreciation of hotel buildings
Other Listed Companies Air Mauritius Limited (“Air Mauritius”)
Air Mauritius’ writing style and text fonts made its report easier to read and less cluttered. There was continuity in the Management discussions of their intentions as reported in last year’s report. While management could have done without the many superlatives they used in the narrative part of the report, it discussed in sufficient details the main issues the entity was facing and the actions management has taken to try and address them.
Mr Vijay Seetul, Executive Vice-President-Finance of Air Mauritius received his Award from Mr Jean-Paul de Chazal, member of the Judging Panel.
Financial Institutions BANK ONE Limited (“BANK ONE”)
BANK ONE’s annual report distinguished itself with its comprehensive risk management report. Management discussed the relevant aspects of their business in a manner that was easy to understand and the discussions linked well to their vision. The Judging Panel felt that the report focussed on what the shareholders want to read rather than what the regulator requires.
This Award was remitted to Mr Danny Balluck, Bank One’s Chief Finance Officer, by Mr Richard Wooding, member of the Judging Panel.
SEM-7 Rogers & Co Ltd (“Rogers”)
Rogers addressed what they failed to do last year i.e explain what the business will be like after the significant restructuring that happened during the year. It talks about what was happening in the various sectors the group is operating in. The Judging Panel members thought that the writing of the report was driven by people who really thought it the way through.
Mr André Bonieux, PwC Senior Partner, presented the Award to Mr Ziyad Bhundun, Chief Finance and Investment Executive of Rogers.