The Code of CG comprises a set of principles and guidance aimed at improving and guiding the governance practices of organisations within Mauritius.
Using an “apply and explain” methodology, the Code aims to encourage high-quality corporate governance with inbuilt flexibility that allows organisations to adapt their practices to their particular circumstances. It emphasises the need for boards to focus on the effective performance of their key tasks.
The eight corporate governance principles
The following corporate governance principles have been designed to be applicable to all organisations covered by the Code:
- 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
- Relations with Shareholders
Which entities are required to apply the Code?
The following entities are required to apply the Code:
- Public Interest Entities as defined by the Financial Reporting Act 2004
- Public sector organisations listed as public interest entities in Schedule 1 of the Financial Reporting Act 2004
- Other Companies are encouraged to give due consideration to the application of the Code insofar as the principles are applicable.
The date of implementation application of the Code was from the reporting year (financial period) ending 30th June 2018 (i.e., companies should apply the principles of the Code from July 2017 onward). Earlier compliance was however encouraged.
For more information and advice on its implementation please contact us.