notes - Mauritius Housing MHC

CORPORATE
Governance
MHC is committed to good corporate governance principles as we believe that they provide
confidence to employees, clients and the shareholders.
* The Board consists of a non-executive Chairman, a Chief Executive and seven non-executive
Directors from different business spheres. To reflect more transparency in the company’s overall
operations and especially to recognize the importance of employees as a stakeholder in the
company, two staff members are appointed as non-executive Directors of the Board.
Normal Board Meetings are carried out monthly; Special Board Meetings are held as and when
urgent and important issues arise. All major policies and operational matters are submitted by
management to the Board for discussion. Board approval is sought in matters like MHC’s
strategic plan, policy decisions, significant capital expenditure, housing loans exceeding Rs 1.5
million, appointment of staff or special loans to companies with Housing Development
Certificates.
ANNUAL REPORT 2001 - 2002
The roles of the Chairman and those of the Managing Director as the Chief Executive Officer of
the organisation are separated and well defined.
The Directors can seek the advice and services of the Company Secretary. They have full and
timely access to all relevant information.
The shareholders determine the remuneration of the Chairman, the Managing Director and the
non-executive Directors.
* External Auditors
The Company has started to rotate its auditors. This year Messrs Grant Thornton was appointed
as external auditors.
* Internal Audit Department
The internal Audit Department is headed by a professional Accountant and works in all
independence. We intend to further reinforce the internal auditing function.
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