MCB Group Ltd is led by a committed and unitary Board, which is collectively responsible for the leadership, oversight and long-term success of the organisation. The Group operates within a clearly defined governance framework, which provides for delegation of authority and clear lines of responsibility while enabling the Board to retain effective control. In order to carry out its duties effectively, the Board has established five committees, each mandated to provide counsel and specific expertise guidance on matters affecting the Group’s activities. While the Board sets out the strategic direction, the operational management and day-to-day running of the organisation are entrusted to the Management Executives, with their performance and effectiveness closely monitored against set objectives and policies.
Board and Board Committees
The Board defines the Group’s purpose, strategy and value and determines all matters relating to the directions, policies, practices, management and operations of the Company and all its subsidiaries locally and abroad. The Board thereafter ensures that the Group is being managed in accordance with its directions and delegations.
The methods through which the Board exercises its powers and discharges its responsibilities are set out in the Board Charter of MCB Group Ltd.
The Board has delegated authority to various Board Committees to provide specialist guidance and make recommendations, through established reporting mechanisms, on areas and matters delegated to them. Each committee has its own charter, as approved by the Board and reviewed as required, which sets out, inter alia, its roles, responsibilities, composition and meetings requirement.
Risk Monitoring Committee
Remuneration, Corporate Governance, Ethics and Sustainability Committee
Supervisory and Monitoring Committee
Group is led by a Board comprising 12 members, including 2 female members: 2 executive, 1 non-executive and 9 independent non-executive directors.
The executive and non-executive directors of MCB Group Ltd are shown below. Biographical details are available by clicking on the relevant name.
- Didier HAREL, Chairperson and Independent Director
- Karuna BHOOJEDHUR-OBEEGADOO, Independent Director
- Constantine CHIKOSI, Independent Director
- Jean-Philippe COULIER, Independent Director
- Stephen DAVIDSON, Independent Director
- Jean-Jacques DUPONT DE RIVALZ DE ST ANTOINE, Independent Director
- Georges Michael LISING, Independent Director
- Jean Michel NG TSEUNG
- Alain REY, Independent Director
- San T. SINGARAVELLOO, Independent Director
MCB Group Corporate Services Ltd acts as Secretary to the Board.
Director nomination and appointment process
The Board has a formal and transparent process in place for the nomination and appointment of directors. In fulfilling this duty, the Board is supported by the Remuneration, Corporate Governance, Ethics and Sustainability Committee (RCGESC), which is responsible for overseeing board directorship’s renewal and succession planning. The RCGESC reviews the size, structure and composition of the Board on an annual basis or whenever appointments are considered. In so doing, it seeks to promote diversity of perspectives to enable a smooth execution of the Group’s long-term strategy in a constantly changing market environment. The RCGESC is responsible for identifying candidates, carrying out interviews and recommending potential directors to the Board for its approval. The selection criteria used to assess prospective candidates relate, amongst others, to their specific skills, expertise, knowledge and experience. The RCGESC also considers gender diversity, time commitment and independence of the candidates in their assessment.
Whilst seeking to retain a core set of directors with long-standing knowledge, the Board recognises the importance of rotation of Board members to ensure that there is a good balance between continuity and fresh perspectives on the Board. It is worth highlighting that at each Annual Meeting, one third of Board members, notably those who have been longest in office, are required to retire, while being eligible to stand for re-election.
Role and responsibilities of Chairpersons, Chief Executive and Company Secretary
The roles and responsibilities of the Chairperson, executive and non-executive directors as well as the Company Secretary are clearly defined in the Board Charter and Position Statements, which have been approved and are regularly reviewed by the Board. The role of the Chairperson is distinct and separate from that of the Chief Executive and there is a clear division of responsibilities with the Chairperson leading the Board and the Chief Executive managing the Group’s business on a day-to-day basis. The Board ensures that the external obligations of the non-executive directors do not hinder the discharge of their duties and responsibilities. In this context, it is worth noting that the external commitments of the Chairperson did not change during the financial year under review.
Internal control framework
The Board, assisted by the Audit Committee, ensures that the internal control framework in place results in an acceptable level of risk exposure whilst guaranteeing compliance with internal established policies and procedures and relevant laws and regulations. The Internal Audit and Compliance functions regularly report to the Audit Committee, which also reviews operational and information risks. Furthermore, whilst receiving feedback from Audit Committees of subsidiaries, the Audit Committee receives reports from the Company’s external auditor and has a discussion with the latter without Management Executives being present to ensure that there are no unresolved material issues of concern. Based on the work performed by internal and external auditors, reviews by Management Executives and regular reporting from the Chairperson of the Audit Committee, the Board is of opinion that the internal control systems are adequate and effective.
The execution of the internal audit function for MCB Group Limited is carried out by its main banking subsidiary, The Mauritius Commercial Bank Ltd (MCB).
Relation with shareholders and other stakeholders
The Group ensures that engagement with its stakeholders is optimally managed. Stakeholders are kept informed about the Group’s business and strategy on a regular basis through various channels. Their views and concerns, notably gathered through ongoing dialogues and meetings, are considered in the Group’s decisions, with material issues escalated to the Board.
Code and Rules
The Board has the duty of ensuring that the Company complies with all the relevant laws, regulations and codes of business practice. View code and policies which have been approved by the Board.