Back to Bizweek
SEARCH AND PRESS ENTER
Latest News

Corporate Governance

NCCG Hosts Awareness Session on the Scorecard Assessment Report 2022

The National Committee on Corporate Governance (NCCG), in collaboration with the Financial Services Institute (FSI), the Financial Services Commission (FSC), and The Stock Exchange of Mauritius Ltd (SEM), hosted a strategic awareness session on the 1st of October, at FSC House, Ebene. The session focused on the findings of the Scorecard assessment exercise 2022, which is summarised in the CG Scorecard Assessment Report 2022, a crucial document in depicting the state of governance practices and disclosures in Mauritius, and how to improve on such practices going forward.

This awareness session marked a significant step in the NCCG’s ongoing efforts to engage and unite key stakeholders around improving corporate governance practices and disclosures in Mauritius. The event centred on the Scorecard Assessment Report 2022, providing attendees with insights into current corporate governance practices and disclosures among Mauritian companies, and how these can be improved upon. 

The high-level participation, notably the presence of Soomilduth Bholah, Minister of Financial Services and Good Governance, and of the financial services regulators, underscored the importance of this initiative. Aneessa Mungroo, Partner at KPMG, presented the key findings. 

Since the launch of the CG Scorecard in 2021, we have seen a steady increase in participation from organizations across various sectors, including parastatal bodies. This year, 27 organizations took part in the assessment, reflecting their growing commitment to enhancing governance practices. These organizations are not only using the Scorecard to benchmark their practices but are also engaging with the NCCG for deeper discussions on how they can improve,” Aruna Radhakeesoon, Chair of the NCCG, stated.

I am particularly pleased with the progress we are seeing. Governance practices and disclosures in Mauritius are improving, and the empirical data we have gathered supports this. However, there is still much to be done, especially in fostering research from academic institutions on these findings, which would add further value to the Scorecard.

Looking ahead, we are embarking on a review of the 2016 Code of Corporate Governance, with the support of PricewaterhouseCoopers and the OECD. This new code, which we aim to launch in October 2025, will be shaped through a collaborative process, ensuring that it reflects the needs and aspirations of both public and private enterprises in Mauritius.”

 

Summary of Key Findings of the 2022 CG Scorecard Assessment Exercise

In providing insightful and constructive feedback, the 2022 Report builds and strengthens the business community’s confidence in its corporate governance journey.

The 2022 Report is based on the 66 KPIs of the Corporate Governance Scorecard for Mauritius (2021) which was launched in October 2021. These KPIs cut across 3 CG dimensions, namely, (i) Board Effectiveness, measured by 27 indicators, (ii) Audit Oversight and Effectiveness, measured by 19 indicators, and (iii) Relations with Shareholders, Stakeholders, Sustainability and Inclusiveness, measured by 20 indicators.

The second Scorecard assessment was open to Public Interest Entities (PIEs) as defined in the First Schedule of the Financial Reporting Act 2004, and this year 27 PIEs voluntarily took part in the Scorecard exercise with individual entity results and findings being anonymised to preserve confidentiality. 

The novelty introduced in the 2022 assessment exercise is that draft individual assessment reports were shared with the participants for any comments, following which scores were then adjusted (where applicable) before finalising the individual assessment reports for each of the 27 entities. 

 

Overall findings related to the Corporate Governance (CG) weighted Score

 

  1. The 2022 Scorecard exercise shows progress on the overall Corporate Governance weighted Score – 40%, 30% and 30% are the weights respectively attributed to the Board Effectiveness dimension, the Audit Oversight and Effectiveness dimension, and the Relations with Shareholders, Stakeholders, Sustainability and Inclusiveness dimension – with an average score of 67.5% as compared to 54% in 2021. 
  2. The overall Corporate Governance weighted scores achieved across the 27 organisations range from 39% to 88%. In 2021, only one organisation scored above 75%, while in 2022, 5 organisations scored above 80%. In addition, 17 out of 27 organisations achieved above average scores, representing 63% of the participants.
  3.  The overall Corporate Governance results seem to indicate that organisations have started enhancing the quality and level of disclosures, substantiated by more evidence-driven explanations, even though there are still areas where improvement in the quality of disclosures is required. 

Juristconsult Chambers Hosts Landmark Employment Law Conference: Navigating the Trends, Changes and Future of Work 

Juristconsult Chambers has announced the hot topics and key speakers of the Employment Law Conference scheduled for Thursday October 17, 2024, at Hennessy Park Hotel, Ebene. This pivotal event will bring together industry leaders, legal experts and policymakers to discuss pressing issues in Employment Law and the implications of recent legislative changes. 

The Opening Ceremony will feature a welcome speech from Marc Hein SC, Chairman of Juristconsult Chambers. The agenda includes four thought-provoking panel discussions: 

  1. Reflections on the Changes Brought by Finance Act 2024. This panel will explore the significant implications of the recently enacted Finance Act 2024, featuring insights from leading experts in industrial relations and human capital.
  2. Data Protection Considerations in the Employment Space. As data privacy becomes increasingly critical, this discussion will address the legal frameworks surrounding data protection in the workplace. 
  3. Tackling Violence at the Workplace: From Prevention to Protection. This session aims to provide actionable strategies for organisations to prevent workplace violence and protect their employees. 
  4. Reduction of Workforce: What Has Happened Since 2019 and Future Expectations. This panel will analyse workforce reduction trends and their long-term impacts on employment practices.
Skip to content