Paving the way to Integrated Reporting <IR> Corporate Reporting Awards

Transcription

1 Paving the way to Integrated Reporting <IR> Corporate Reporting Awards Presenting the Jury Findings

2 Welcome The Awards 2 The Process and Review 3 The Judging Panel 4 The Ceremony 2

3 The Awards 2015 Entities listed on the SEM are automatically considered for the Award. Non-listed PIEs, stateowned entities and parastatals will only compete if they submit their ARs for review. Where an entity has the attributes of more than one category, it will qualify to participate in the top most category. Category Awards SEM-10 Financial Institutions Listed Companies Non-listed Public Interest Entities and Parastatals Cross-Category Awards Online Reporting Corporate Governance Disclosures Risk Management Disclosures - financial institutions Risk Management Disclosures - non-financial institutions 3

4 Process and Review 2015 PwC screening and review Shortlisted for Awards Jury final decision 172 entities initially identified 103 Annual Reports 3-6 reports per Per category 4 websites Review by Judging Panel 104 websites 4

5 The Judging Panel Mrs Sharona Rambocus Mr Jean-Paul de Chazal Dr Raj Daliah Mr Cyril Wong Sun Thiong Mr Maurice de Marassé Enouf 5

6 2015 Time for the ceremony 6

7 Cross-Category Awards Risk Management Disclosures Financial and Non-Financial Institutions 7

8 Sponsored by the MIoD Risk Management Disclosures Financial Institutions Findings Not a good year for banks from a risk management perspective More difficult to report on negative performance Reporting approach varied Say nothing Say a little bit Say a little bit more Are you walking the talk? Recommendations Tell it as it is! 8

9 Sponsored by the MIoD Risk Management Disclosures Non-Financial Institutions Findings Increased disclosures Trend to add risk oversight to audit committees is this right? Mapping of strategic risks and related mitigating actions Explanation of risk assessment methodology Details on how risk condition have evolved during the year Early days in the risk management maturity journey still some way to travel Recommendations Focus on changes in the year Connect your risk disclosures Explain your appetite for the identified risks Rank your risk in order of significance Demonstrate how this appetite is reflected in the entity culture and the day to day management and governance processes Use more graphics 9

10 Risk Management Trends and best practices from Fresnillo Achievements and plans 10

11 Risk Management Trends and best practices from Fresnillo Risk profiling 11

12 Risk Management Trends and best practices from Fresnillo Evolution of risk profile 12

13 Risk Management Trends and best practices from Lloyds Banking Group - Achievements 13

14 Risk Management Trends and best practices from Lloyds Banking Group - Priorities for next year 14

15 Risk Management Trends and best practices from Lloyds Banking Group - Risks mapped to Mitigating Actions 15

16 Risk Management and mapped to KRI and future focus 16

17 Risk Management Trends and best practices from Lloyds Banking Group - Not just Financial and Capital Risks 17

18 Risk Management Trends and best practices from Lloyds Banking Group - Connectivity of information 18

19 Risk Management Trends and best practices from Lloyds Banking Group - Emerging Risks 19

20 Risk Management Trends and best practices from Lloyds Banking Group - Risk and Risk Appetite defined and explained 20

21 Risk Management Trends and best practices from Lloyds Banking Group - Consistent presentation 21

22 Sponsored by the MIoD Risk Management Disclosures Financial Institutions AfrAsia Bank Limited The Mauritius Commercial Bank Ltd Nominees State Bank of Mauritius Ltd 22

23 Sponsored by the MIoD Risk Management Disclosures Financial Institutions Winner: The Mauritius Commercial Bank Limited Mr Anthony Withers receiving his Award from Mr Jean-Paul de Chazal, Jury Member 23

24 Sponsored by the MIoD Risk Management Disclosures Non-Financial Institutions Air Mauritius Limited Omnicane Limited Nominees Rogers & Company Ltd 24

25 Sponsored by the MIoD Risk Management Disclosures Non-Financial Institutions Winner: Air Mauritius Limited Mrs Jane Valls (MIoD) presenting the Award to Mr Vijay Seetul 25

26 Sponsored by the NCCG Corporate Governance Disclosures 26

27 Sponsored by the NCCG Corporate Governance Disclosures Findings High level of compliance Key areas for improvements How you remunerate your executive directors Safeguarding external auditor s independence Composition of Board Committees Risk oversight to audit committees Boards are well attended Board evaluations Better health & safety and sustainability disclosures Recommendations Focus on changes Consider putting static information on website Executive remuneration Evolution over the year and rationale for change Fixed and variable portion Long-term incentives Watch out for the new Code 27

28 Sponsored by the NCCG Corporate Governance Disclosures Nominees Terra Mauricia Ltd ENL Land Ltd Nominees Rogers & Company Ltd MCB Group Limited Omnicane Limited 28

29 Sponsored by the NCCG Corporate Governance Disclosures Winner Winner: Terra Mauricia Ltd Dr Raj Daliah, Jury Member, presenting the Award to Mr Maurice Enouf 29

30 Online Reporting 30

31 Online Reporting Websites were assessed from the perspective of an investor or a provider of financial capital. Focus on: Ease of access & navigation Newsworthy information Technology Variety of support Financial highlights Link with off-screen activity 31

32 Online Reporting Findings Rather easy to locate the financial pages Mostly static information Some viewing and navigation issues < 50% of listed entities had updated share prices on home page Prices not the latest prices Investor presentations Board committee charter 32

33 Online Reporting Recommendations Provide relevant up-to-date information Give information that your shareholders want to see Appoint an investor relation contact Adapt to digital media Web trends Investor tools RSS feeds and alerts Webcasts AGM Q&A Investor Relations Apps 33

34 Online Reporting Nominees ENL Group AfrAsia Bank Limited Nominees MCB Group Limited Rogers & Company Ltd 34

35 Online Reporting Winner: MCB Group Limited Mr Gilbert Gnany receiving the Award from Mrs Sharona Rambocus, Jury Member 35

36 The Categories 36

37 Categories 2015 Findings Few are embracing <IR> contents and principles Heavy reading at times Too much focus on the what rather than on the how Guest satisfaction surveys Boasting comments Insurance companies must up their reporting Recommendations Apply materiality threshold to narratives Put yourself in your shareholder s shoes Push static information to web site Report in a balanced way (strengths and weaknesses, positive and negative) Listed companies should produce integrated reports 37

38 Categories 2015 Accounting remarks Accounting for business combinations Lots of bargain purchase Comparatives in amalgamations Operating costs outside operating profits We ve been listened to on land revaluations Have a policy for exceptional expenses 38

39 Listed Companies Nominees Air Mauritius Limited Rogers & Co Ltd Nominees ENL Commercial Limited Omnicane Limited LUX Island Resorts Ltd 39

40 Listed Companies Winner Winner: Omnicane Limited Mr Eddie Ah-Cham receiving the Award from Mr Maurice Enouf, Jury Member 40

41 Financial Institutions Nominees AfrAsia Bank Limited The Mauritius Commercial Bank Ltd Nominees MUA Group 41

42 Financial Institutions Winner: The Mauritius Commercial Bank Limited Mr Cyil Wong, Jury Member, presenting the Award to Mr Anthony Withers 42

43 SEM-10 Nominees MCB Group Limited State Bank of Mauritius Ltd Nominees Terra Mauricia Ltd 43

44 SEM-10 Winner: MCB Group Limited The Hon. Minister Roshi Bhadain presenting the Award to Mr Gilbert Gnany 44

45 Award Winners 2015 From left to right: Vicky Hurynag (MCB Ltd), Anthony Withers (MCB Ltd), Gilbert Gnany (MCB Group), Eddie Ah-Cham (Omnicane), Maurice Enouf (Terra), Vijay Seetul (Air Mauritius) 45

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