Governance

The Group operates within a defined governance framework with clear lines of authority, accountability and responsibility. This principle covers the role of the Board, charters and Code of Ethics, organisational chart, Statement of Accountabilities and Constitution.

The Group is headed by a unitary Board consisting of Independent Non-Executives, Non-Executives and Executive Directors. The Company Secretary ensures that the Company complies with its constitution and all relevant statutory and regulatory requirements, codes of conduct and rules established by the Board. The four Board Committees, namely the Audit Committee,Risk Committee, Assets and Liabilities Committee and Corporate Governance, Nomination and Remuneration Committee, assist the Directors in the discharge of their duties through a comprehensive evaluation of specific issues.

In line with the Code, the Board has adopted a Nomination Policy which defines the election and re-election processes;

Directors are appointed on a yearly basis at the annual meeting of shareholders. Each Director is elected by a separate resolution;

The process of selection and nomination of candidates as Directors and the process for re-election of Directors are entrusted to the Corporate Governance, Nomination and Remuneration Committee (CGNRC). The Constitution of the Company outlines the process by which directors may be appointed.

Directors are made aware of their legal duties in the induction program followed on first appointment. The Board Charter includes a summary of legal duties under various relevant enactments. The CGNRC reviews on an annual basis the adequacy of directors’ and senior executives’ remuneration. This principle also covers conflicts of interests, related party transactions, share dealings, board evaluation and information, information technology and information security governance.

The Board of directors is responsible for the governance of risk and is ultimately responsible for the setting up and monitoring of the risk management process. Additionally, MUA is committed to the highest possible standards of openness, integrity and accountability. In line with that commitment, MUA has implemented a Whistleblowing Policy, whereby an alternative reporting process is established for use by all employees in strict confidence.

The directors reaffirm their responsibility for preparing the annual report including the annual financial

statements in compliance with International Financial Reporting Standards and the Companies Act 2001.Moreover, MUA maintains its efforts towards sustainability, environment, health and safety and charitable contributions.

In line with Principle 6 of Reporting with Integrity, the following documents can be downloaded.

The Board’s charter Headlines

The Organisation’s Code of Ethics

Details of the nomination and appointment process of the Directors

Company Secretary’s profile

The Directors’ Code of Ethics

The MUA Internal Audit’s mission is to provide reliable, independent assurance to the Board and the Audit Committee on the adequacy and effectiveness of the risk management, governance and internal controls.

External auditors are (re)appointed on an annual basis.

The Company is committed towards an open communication with its key stakeholders and to taking into account their expectations in the decision-making process. Our various stakeholders are involved in a dialogue on aspects of MUA’s organisational position, performance and outlook, where appropriate. In accordance with the Listing Rules of the Stock Exchange of Mauritius, at least 25% of the shareholding of the Company is in public hands.