The Mauritius Union Assurance Cy. Ltd (‘MUACL’ or ‘the Company’) is a public company listed on the Official List of the Stock Exchange of Mauritius (‘SEM’) and is a Public Interest Entity as defined by the Financial Reporting Act 2004. The Board of Directors (‘Board’) of MUACL is committed to uphold the highest standards of integrity, accountability and transparency in the governance of MUACL and its subsidiaries (‘MUA Group’ or ‘the Group’) and acknowledges its responsibility for applying and implementing the eight principles set out in the National Code of Corporate Governance (2016) (‘the Code’) as explained in appropriate sections of the Annual Report.
• Governance Structure;
• The Structure of the Board and its Committees;
• Director Appointment Procedures;
• Director Duties, Remuneration and Performance;
• Risk Governance and Internal Control;
• Reporting with Integrity;
• Audit;
• Relations with Shareholders and Other Key Stakeholders.
The Board is responsible for leading effectively the Group and the Company by establishing strategies and policies to enhance the long-term value for its shareholders and other stakeholders.
The Board validates and monitors strategies, policies and business plans as well as considers all statutory matters, including the approval of financial statements, the declaration of dividends, the review of the Company’s performance through budgets and forecasts and the Chief Executive Officer’s report. It also ensures that all legal and regulatory requirements are met.
The Company’s constitution stipulated that the Board shall consist of a minimum of seven and a maximum of eleven directors. As at 31 December 2018, the Company was headed by a unitary Board consisting of ten directors, four of whom are independent non-executives, four non-executives and two executives.
The directors come from different professional backgrounds with varied skills, expertise and strong business experience. Taking into account the sophistication of the Group’s operations, the Board is satisfied that its actual size and composition is well balanced for it to assume fully its responsibilities while discharging its duties effectively.
The Board Charter stipulates that composition of the Board shall include at least two executive directors, two independent directors and gender balance with at least one female director.