ITL - Intercontinental Trust Limited
New York London Mauritius Hong Kong

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! 

image

ITL wins Corporate Finance Advisor of the Year 2016

ITL is pleased to announce that it has won the Corporate Finance Advisor Award 2016 at the 5th Annual Private Equity Africa Awards (PEA Awards) for the second year in a row. ITL wa...


Read more

image
image

News & Events

  • 2017 Global Talent Competitiveness Index: Mauritius 1st in Africa
    03-03-2017

      The Global Talent Competitiveness Index 2017 (GTC 2017), assesses 118 countries and attempts to analyse the impact of the digital revolution on talent competitiveness.  As companies become more efficient with the advent of new technologies, workers encounter both challenges and opportunities.   As countries compete to grow better talents, attract the ones they need, and retain ...

    Read More
  • Enhanced air connectivity: introduction of direct flights for Amsterdam-Mauritius route
    03-03-2017

      As from 30 October 2017, KLM Royal Dutch Airlines in collaboration with Air Mauritius will introduce direct flights from Amsterdam to Mauritius.  The proposed flight schedule will as follows:   Days Departure time (Amsterdam) Arrival time (Mauritius) Departure time (Mauritius) Arrival time (Amst...

    Read More
  • The National Code of Corporate Governance 2016 (the “Code”)
    03-03-2017

      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&rdquo...

    Read More
All News and Events ››
image
image