MHC Ltd is committed to promoting good corporate governance principles which it believes help boost the confidence of employees, clients, shareholders and other stakeholders.
The Board of MHC Ltd comprises a non-executive chairman, an executive Managing Director, three independent directors and two non-executive directors. The Managing Director is present at all board and committee meetings.
There is a clear division of responsibilities between running the Board and the business operations of the company. The role of the chairman is separate from that of the managing director, it is the responsibility of the latter to oversee all operational activities. The management team meets on a weekly basis to review the affairs of the company. The company secretary provides guidance and support to the Board as a whole and the directors individually with detailed counsel as to how their responsibilities should be properly discharged in the best interests of the company. In addition, directors are entitled, if necessary, to seek independent professional advice in the furtherance of their duties at the company’s expense. It is up to shareholders to determine the remuneration of the chairman, managing director and non-executive directors.
Directors meet on a monthly basis. In addition to monthly board meetings, special sessions are held as and when urgent matters arise. All major policies and operational matters as well as significant capital expenditure, appointment of staff and Promoters Loans are submitted by the management to the Board.
In compliance with the Banking Act 2004 and also with the Bank of Mauritius Guidelines on Corporate Governance, the Board has set up the following sub-committees:
- Audit Committee
- Conduct Review Committee
- Corporate Governance Committee
- Remuneration and Nomination Committee (HR Committee)
- Risk Management Committee
The Board has also set up a Real Estate Development Monitoring Committee to assist and advise on real estate development strategies.
Risk Management Committee Charter
Key Governance Responsibilities and Accountabilities
Nomination and Remuneration Committee Charter