Winner: State Bank of Mauritius Ltd (“SBM”)
Mr Chandradev Appadoo, Divisional Leader-Corporate Affairs, Finance and Company Secretary, received his Award from Mr Shyam Mohadeb, PwC Partner. This award is sponsored by the National Committee for Corporate Governance.
The SBM was quite clear that it has complied with the Code of Corporate Governance during the year. Its Corporate Governance report made better reading compared to last year. To promote independence and objectivity of Board members, the Bank has adopted a 3 tiers approach with separate sessions being held; the first one with independent directors only, the second one with the non-executive directors joining the group thereafter and lastly with the whole Board members. The bank presented accurately how regular directors had been in attending the various meetings and committees.
The process and assessment criteria:
Going beyond the Code of Corporate Governance and looking for best practices. Compliance with the requirements of the Code for Corporate Governance but focusing on:
• Directors’ profile
• Roles, responsibilities and work done
• Sustainability reporting
• Disclosures avoiding ‘boilerplate’ recitals
Comments from the Judging Panel
What we liked...
• The pictorial description of Omnicane’s business
• Regular attendance of members of Committees and Board
• The maturity of management when individual director’s remuneration is disclosed
• Some sustainability reports
• Be clear on the extent of compliance with the Code
• Remunerate your non-executive directors for performance not attendance
• Empower Committee Chairperson to report on committee activities
• Avoid copying/pasting text from last year
• Substantiate non-audit services
• State what each director brings to the table