Corporate Governance
In A Board Culture of Corporate Governance, business author Gabrielle O'Donovan defines corporate governance as
"an internal system encompassing policies, processes and people, which serves the needs of shareholders and other
stakeholders, by directing and controlling management activities with good business savvy, objectivity,
accountability and integrity."
Key principles of corporate governance include (a) rights and equitable treatment of shareholders, (b) interests
of other stakeholders, (c) role and responsibilities of the board, (d) integrity and ethical behaviour, and (d)
disclosure and transparency.
In Mauritius, corporate governance principles are embodied in the "Report on Corporate Governance for Mauritius"
(Code).
At Innodis, principles of good Corporate governance form an integral part in the way in which the Group's business
is conducted. Innodis is also committed to fair financial disclosure for its shareholders and all its stakeholders
at large. In particular, the Board has set up a Corporate Governance Committee, which comprises of two independent
directors, including its Chairperson and one non-executive director.
The committee members are entrusted with the task of (a) determining and developing the general policy on corporate
governance in accordance with the Code of Corporate Governance, legal compliance and ethical policies, and (b)
assisting the Board on establishing a formal and transparent procedure for developing a remuneration policy for
senior management and making recommendations to the Board on all new Board appointments.
The Board further recognises that it also has an overall responsibility for the Company's risk management and
internal control as part of sound corporate governance.
The systems of internal control in place include the maintenance of proper accounting records, the implementation
of policies and strategies approved by the Board, regular assessment of specific risk management such as market
risk, credit risk, liquidity risk, operation risk and commercial risk, and overseeing and reviewing on an on-going
basis risks associated with help, safety and environmental issues.
