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The National Code of Corporate Governance 2016 (the “Code”)

 

In a bid to further enhance the country’s corporate governance standards and bring them at par with international best practices, the Code was launched on 13 February 2017.

 

The Code is a departure from the ‘comply-or-explain’ approach as it now employs an ‘apply-and-explain’ methodology.  Henceforth, all Public Interest Entities (“PIE”) as defined by the Financial Reporting Act 2004 (FRA 2014), Public sector organisations and other entities required to report on corporate governance will have to apply all the principles contained in the Code and to explain in their annual reports how these principles have been applied.

 

According to the FRA 2014, PIE include the following entities:

 

1.     companies listed on the Stock Exchange of Mauritius;

 

2.     banks and non-banking financial institutions;

 

3.     any company which has during 2 consecutive preceding years, at least one of the following:

-       an annual turnover exceeding MUR 500m (USD 13.5m); or

-       total assets exceeding MUR 500m (USD 13.5m).

 

4.     any group company which has during two consecutive preceding years, at least one of the following:

-       an annual turnover exceeding MUR 1bn (USD 27.3m) ; or

-       total assets exceeding MUR 1bn (USD 27.3m).

 

5.     public sector organisations listed as PIE under the First Schedule of the FRA 2014.

 

 

The Code is applicable as from reporting period 30 June 2018 implying that all relevant reporting entities should adhere to the provisions of the Code as from 1st July 2017.

 

A number of representations were made by the stakeholders of the Global Business industry to the Financial Reporting Council (FRC) to clarify if the Code will apply to holders of a Category 1 Global Business Licence that do not hold special activity licences.  At the time of writing, these discussions are still ongoing and a formal confirmation is being awaited from the FRC.

 

Watch out for our next newsletter for a detailed analysis of the Code and its likely impact on the global business industry! 

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