Sheila Ujoodha, CEO of the Mauritius Institute of Directors (MIoD)

“Let us build a legacy of robust governance”

Sheila Ujoodha, CEO of the MIoD, set the stage by illustrating the critical importance of proactive risk management during the launch of the “Risk Governance Forum” in partnership with EY Mauritius. 

“Imagine you’re flying on a business trip. As the aircraft ascends, you’re entrusting your safety to the skilled pilots and advanced technology on board. But you’re also aware that unforeseen turbulence or adverse weather conditions could disrupt your journey,” Mrs. Ujoodha began. “What if, before you fly, you could anticipate the storms, chart safer routes, and prepare for the unexpected? This, ladies and gentlemen, is the essence of risk governance.”

The MIoD CEO highlighted the rapidly evolving and complex nature of modern business risks. “Today’s business landscape is defined by a complex array of disruptions with diverse origins and potentially enduring consequences,” she noted. “Challenges such as climate change, the COVID-19 pandemic, unprecedented inflation, monetary policy adjustments, supply chain disruptions, and geopolitical tensions are all pressing on organizational resilience.”

Recognizing the necessity of integrated responses to these multifaceted challenges, Mrs. Ujoodha emphasized that risk governance should be seen as a competitive advantage. “These issues demand integrated responses that cannot be tackled in isolation. They demand superior risk management, which has become a competitive advantage across all sectors in a world subject to constant disruption.”

In line with this philosophy, the MIoD has consistently provided board directors and business leaders with the knowledge and best practices needed to navigate governance challenges. Mrs. Ujoodha reflected on the Institute’s advocacy journey, recalling the creation of several specialized forums to address specific governance needs.

“I remember a few years ago, when we had three Advocacy Forums tailor-made to reflect the challenges that boards face,” she recounted. “The Audit Committee Forum focuses on enhancing the effectiveness of Audit Committees. The Directors Forum strengthens board effectiveness, offering guidance and resources to improve decision-making and leadership skills. The Company Secretaries Circle supports Company Secretaries in their critical role of ensuring governance and compliance.”

Today’s business landscape is defined by a complex array of disruptions with diverse origins and potentially enduring consequences

The MIoD’s commitment to diversity and inclusion has also led to the establishment of the Women Directors Forum, aimed at promoting diverse boards as a cornerstone of good corporate governance. Additionally, in response to the growing urgency of climate change, the MIoD established the Climate Governance Initiative Mauritius, the 31^st chapter of the CGI Global Network, an initiative of the World Economic Forum.

“And today, dear valued partners, we are very proud to launch our sixth Advocacy Forum: the Risk Governance Forum. This one is in partnership with EY Mauritius!” Mrs. Ujoodha announced. She expressed gratitude to EY Mauritius, represented by Gerald Lincoln and Shailen Ramgoolam, for their partnership in this endeavour, highlighting the pivotal role the firm will play in providing expertise for proactive risk management.

The CEO also thanked the forum’s founding members, which include several leading companies such as Ciel Group, MUA, Innodis, UBP, MCB Group, RHT Holding, Cim Finance, ABC Banking Corporation, Leal Group, Currimjee Group, and Alteo. “Your trust in our mission has been instrumental in helping us bring this vision to life, setting a new standard for risk governance in our region,” she said.

Mrs. Ujoodha concluded her speech with a call to action: “Let us engage and build a legacy of robust governance that will ensure resilient and sustainable businesses across Mauritius and beyond.”