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Corporate Governance ReportSBM has always embraced good corporate governance. In1997 SBM was the first listed company in Mauritius toadopt good corporate governance based on internationalbest practices, well before the coming into force ofmandatory Guidelines and Codes.Today, the Bank is required to comply with:-(i) Central Bank guidelines on Corporate Governance andFit and Proper Person criteria.(ii) the Code of Corporate Governance enacted in theFinancial Reporting Act 2004.SBM set up a Corporate Governance Committee in 2004to ensure compliance with the above Code andGuidelines. SBM has also a code of ethics for its directorsand employees.corporate governance report112BOARD OF DIRECTORS & MANAGEMENTSBM’s Board of Directors bears the main responsibility for maintaining thecontinued high standards and encouraging the evolution of the corporategovernance program. The Board of Directors is also responsible for continuouslyreviewing trends and evolving best practices and for adjusting governancepractices to ensure they remain at the forefront of world standards.Responsibilities of the Board of DirectorsA strong effective Board is essential for safeguarding the interests ofshareholders, depositors and other stakeholders. The fundamental statutoryduties of the Board of Directors are to supervise the management of thebusiness and affairs of SBM. The Board monitors the performance of the Bankand ensures that management properly safeguards the assets of the Bank. TheBoard‘s mandate is to oversee the Bank’s strategic direction, its organisationalstructure, its activities and succession planning of senior executives.