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The Board has four specific sub Committees,
which meet regularly under terms of reference
set by the Board.Each of
the Committees has authority to take external
advice as required.
The Audit Committee (AC);
The Senior Officers Remuneration and Selection Committee (SORSC);
The Risk Management Steering Committee (RMSC);
The Corporate Governance Committee (CGC);
Raj Ringadoo -Chairperson
Dheerendra Kumar Dabee-SC
Timothy Taylor
Kremchand Beegoo
Ramapatee Gujadhur - C.S.K
Gerard Espitalier-Noel
Secretary - Fooad Nooraully
In attendance:
Vijay Seetul
Andries Viljoen
Ernst & Young
All members of the Audit Committee are non-executive
directors. The Board considers that each
member brings broad experience and professional
knowledge of financial reporting to the Committee’s
deliberations. The Committee met 8 times during the
year and its main responsibilities include:
To oversee the financial reporting process to
ensure the balance, transparency and integrity of
published financial information;
To review the effectiveness of the Company’s
internal financial control and risk management
system;
To review the
effectiveness of the internal
audit function;
To review the
effectiveness of the
independent audit process including
recommending the appointment and
assessing the performance of the
external auditor;
To review the
Company's process
for monitoring compliance with laws
and regulations affecting financial
reporting, its Code of Business Practice
and Ethics and its Fraud Prevention Policy;
To review the
appropriateness of the
Group's accounting policies and considers
changes to them;and
To review the
significant accounting
judgments and monitor the integrity of
the annual and interim financial
statements. Ultimate responsibility for the approval of the annual and interim financial statements rests with
the Board.
Click
here for Terms
of Reference.
Rajkamal Taposeea (Chairman)
Philippe Espitalier-Noël
Francois Woo Shing Hai, G.O.S.K.
Raj Ringadoo
Gerard Espitalier-Noel
Secretary - Fooad Nooraully
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The Committee is responsible for approving all
the policies governing the compensation paid
to the Company’s executive officers and
senior management. The Committee also
assists the board in the recruitment,
evaluation, selection and approval of contracts
of candidates for senior management
positions and ensuring levels of remuneration
are appropriate.
Click here
for Terms of Reference.
Rajkamal Taposeea (Chairman)
Philippe Espitalier-Noël
Aisha Timol, G.O.S.K.
Secretary - Fooad Nooraully
In attendance:
Andries Viljoen
Dindoyal Sookun
The Committee's terms of reference include:
Ensuring there is a system of risk
assessment across the
Company on an
on-going basis;
Reviewing the effectiveness of
the Company's risk management
system including risk assessment
reports;
Assisting the Board to understand the
total risks facing the Group and the
Company;
Approving risk mitigation actions for
specific items of risk and identifying
areas for system improvements and
monitoring;
Reviewing actions taken for specific
critical transactions in accordance with
the risk map for both financial and non
financial risks on a continuing basis;
Setting and approving changes to
financial approval limits for hedge
and treasury transactions;
Setting and approving risk parameters
for the Company's budget each year.
The role of the Corporate Governance Committee is
to ensure that Board structures as well as reporting
requirements on corporate governance, whether in
the Annual Report or on an ongoing basis are in
accordance with the principles of good governance
and the Code.
Timothy Taylor (Chairman)
Dheerendra Kumar Dabee-SC (co-opted Director)
Ramapatee Gujadhur C.S.K
Kremchand Beegoo
Aisha Timol, G.O.S.K.
Secretary - Fooad Nooraully
In attendance:
Andries Viljoen
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