“Sustainability is a business imperative!” says PwC at the last Corporate Reporting Awards night

From left to right: Kesaven Moothoosamy (Atlantic Leaf Properties Limited), Ali Jamaloodeen (Anglo African Ltd), Gilbert Gnany (MCB Group Limited), Jérôme de Chasteauneuf (CIEL Group), Jérôme Katz (The Mauritius Union Assurance Cy. Ltd), Jan Boullé (IBL Ltd), Stéphane Ulcoq (The United Basalt Products Limited), Eric Cotry (Rogers and Company Limited) and Désiré Elliah & Vishnee Sowamber (Lux Island Resorts Ltd) 

March 2019 – It was in the presence of the nine Awardees and an audience of some 120 guests, that PwC’s 21st Corporate Reporting Awards (CRA) took place on 21 March 2019. This year’s theme was ‘Embracing Sustainability in Corporate Reporting’, to raise awareness around the importance of sustainability for the planet and Mauritian businesses. PwC’s guest of honour was Mrs Sanda Ojiambo, Head of Corporate Responsibility at Safaricom Plc. in Kenya. 

Before presenting the Jury Findings and the Awards, Olivier Rey, PwC Partner, explained that sustainability goes far more than CSR. The consideration of Environmental, Social and Governance factors (ESGs) alongside financial factors have become key in the investment decision process.

He explained the logic behind the 17 UN SDGs (Sustainable Development Goals) and how those could be used to drive a business strategy and agenda. Demonstrating the impact of climate change and resource scarcity for our small island, he raised a fundamental question around the timing in addressing those issues.

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In her address to the floor, Mrs Sanda Ojiambo shared how she viewed the role of businesses in delivering both purpose and profit. For her, while there is definitely a time and place for CSR, businesses need to, and can do more.

“My view is that the role of business should be to deliver purpose and profit and to create shared value for the entire ecosystem of stakeholders, from investors and partners, to its supply chain, to its customers and the communities they operate in.” 

In his welcome address, Mr Anthony Leung Shing, PwC Country Senior Partner, referred to the recent concerns around audit quality. “The most noticeable trend in the last year has been the level of restatements in financial statements,” he said.

While measures are necessary to address the quality of financial reporting, he said that there was a need for a closer review of the broader ecosystem, including the role of the regulators’ as gatekeepers in the financial reporting process, the shareholders’ role in promoting corporate governance, the effectiveness of audit committees and management’s responsibility in providing quality information.

“Habits, impulse or desire for comfort and convenience is only halfway to the best of intentions. We too often default to the status quo and business as usual.”

Anthony Leung Shing - Country Senior Partner, PwC Mauritius

The 2019 Winners: 

From left to right: Vikram Ramful (Jury Member) and Désiré Elliah (Lux Island Resorts Ltd)

Category: Sustainability

Lux Island Resorts Ltd won the Sustainability award for its thorough reporting on its internal and external actions, using specific KPIs, as well as Assurance over these. 

Award sponsored by the Stock Exchange of Mauritius

From left to right: Aruna Radhakeesoon (Jury Member) and Gilbert Gnany (MCB Group Limited)

Category: Governance

MCB Group Limited is the winner for being able to re-invent its report and present it clearly. 

Award sponsored by the National Committee on Corporate Governance

From left to right: Constantin de Grivel (Jury Member) and Jérôme de Chasteauneuf (CIEL Group)

Category: Online

CIEL Group differentiated itself on its website through the quick availability of investors’ information, the quality of its content, and the way it talks about its business.

Award sponsored by ACCA

From left to right: Catherine McIlraith (Jury Member) and Eric Cotry (Rogers and Company Limited)

Category: Risk Management

Rogers and Company Limited was a cut above in terms of the quality of the disclosures and the way its risk appetite was shown.

Award sponsored by IIA Mauritius

From left to right: Margaret Wong (Jury Member) and Ali Jamaloodeen (Anglo African Ltd)

Category: PIEs and Parastatals

Despite the low participation the Jury felt that it was important to recognise the achievements of the nominees. The winner is Anglo African Ltd.

 

From left to right: Jean-Paul de Chazal (Jury Member) and Kesaven Moothoosamy (Atlantic Leaf Properties Limited)

Category: Listed Global Business Companies

Atlantic Leaf Properties Limited provided meaningful information on its business processes, risks, governance, and stakeholder engagement. 

From left to right: Margaret Wong (Jury Member) and Jérôme Katz (The Mauritius Union Assurance Cy. Ltd)

Category: Financial Institutions

The Mauritius Union Assurance Cy. Ltd for improving much on its reporting, with a real effort on explaining its overseas operations. 

 

From left to right: Anthony Leung Shing (Country Senior Partner - PwC Mauritius) and Stéphane Ulcoq (The United Basalt Products Limited)

Category: Other Listed Entities

The United Basalt Products Limited came out of the lot for the quality of the disclosed information, with a real improvement from the previous years, also felt in its website. The Jury commended their first tentative for an Integrated Report.

 

From left to right: Ms Sanda Ojiambo (Head of Corporate Responsibility at Safaricom Plc, Kenya) and Jan Boullé (IBL Group) 

Category: SEM-10

IBL Ltd won in this category, amongst others for its flowing style that was easy to read and for being a good all rounder. 

 

About our Guest of Honour

Mrs Sanda Ojiambo is the Head of the Corporate Responsibility Department at Safaricom Plc. in Kenya, where she coordinates the integration of the UN Sustainable Development Goals, Sustainability Reporting, Technology for Development Products and the company’s foundations. She is a passionate believer in the role of business in delivering both purpose and profit. 

About PwC’s Corporate Reporting Awards

Established in 1998, the Corporate Reporting Awards (CRA), initially called the Best Published Accounts, was created in recognition of efforts made by companies to improve the presentation and contents of their annual reports.

Our objective is to encourage companies to go beyond the minimum reporting requirements, with a strong focus on Integrated Reporting. Today, we're proud to say that the event has become a milestone in the business community.

Since 2014, annual reports are reviewed based on the International Integrated Reporting Framework, endorsed on 5 December 2013 by the International Integrated Reporting Council (IIRC). The CRA covers several categories, based on the Stock Exchange of Mauritius listing, financial institutions, and Public Interest Entities (PIEs) willing to participate.

In 2018, a new segment, Global Business Companies trading on the SEM, was introduced as a new category.

Read more on www.pwc.com/mu/cra 

Contact us

Olivier Rey

Partner, PwC Mauritius

Tel: +230 404 5145

Julien Tyack

Associate Director, PwC Mauritius

Tel: +230 404 5210

Ariane Serret

Senior Manager, Clients and Markets Development, PwC Mauritius

Tel: +230 4045029

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