Newsletter. A Global Talent Competitiveness Index: Mauritius ranked 1st in Africa

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1 Newsletter In this Issue: A Global Talent Competitiveness Index: Mauritius ranked 1 st in Africa B. Launch of the National Code of Corporate Governance 2016 C. First African Economic Platform (AEP) hosted in Mauritius D. MoU signed between the HongKong Trade Development Council (HKTDC) and Mauritius to enhance bilateral relations in the field of financial services E. Road show in Cape Town, Johannesburg & Gaborone from the 8th 13th May 2017 A Global Talent Competitiveness Index: Mauritius ranked 1st in Africa The Global Talent Competitiveness Index 2017 (GTC 2017) assesses 118 countries and attempts to analyse the impact of the digital revolution on talent competitiveness. As new technologies have a direct bearing on efficiency at the workplace, this poses constant challenges to the adaptability of human resources. As countries compete to acquire better talents whilst retaining those workers who contribute towards competitiveness and efficiency, the GTC 2017 attempts to provide quantitative instruments that will help to design and implement better policies going in that very direction. According to the GTC 2017, the top scoring countries have: Combined strong infrastructure & information connectivity; Invested in knowledge hubs; and Attracted international companies. On the overall, Mauritius occupies the 46 th position but maintains the lead over its African counterparts. 1

2 B. Launch of the National Code of Corporate Governance 2016 The National Code of Corporate Governance 2016 (the Code ) was officially launched on 13 February The Code reinforces Mauritius commitment to uphold its standards and ranking in respect of corporate governance across the African continent. The Code will be effective from 01 July 2017 and will apply to the reporting year ending 30 June According to the Financial Reporting Act 2004 and the Financial Reporting (Amendment of Schedule) Regulations 2016 (together referred to as the Act ), the Code applies to Public Interest Entities ( PIE ) which comprise of: 1. all companies listed on the Stock Exchange of Mauritius; 2. all banks and non-banking financial institutions; 3. any company which has during two consecutive preceding years, at least one of the following: (i) an annual turnover exceeding five hundred million rupees; or (ii) total assets exceeding five hundred million rupees. 4. any group company which has during two consecutive preceding years, at least one of the following: (i) an annual turnover exceeding one billion rupees; or (ii) total assets exceeding one billion rupees; and 5. Public sector organisations listed as PIE under the First Schedule of the Act. The salient aspects of the Code are as follows: 1. the Code provides for eight principles (the Principles ) and guidelines which can be uniformly applied and adapted by each and every PIE concerned. 2. the Code is a substantial simplification of the 2003 code and therefore, increasing its user friendliness which can also be illustrated by the existence of guidance in respect of the application of the Principles to specific type of organisations. 3. the comply-or-explain method has been replaced by the apply and explain approach. As opposed to the check box approach used by the previous code, this methodology allows for more flexibility and enables corporations to adapt each of the Principles to their business model and internal structure. 2

3 4. a holder of category 1 global business licence ( GBC1 ) is no longer exempted from complying with the Code if it satisfies the requirements of a PIE. However the Act remains to be aligned to reflect the changes made with regards to the exemption so as to be consistent with the Code. The Code has been designed to guide board of directors compliance with governance practices within their PIEs. Compliance with concepts of accountability, fairness, transparency and reporting amongst others, helps to minimise risks within companies. It also gives an indication of the companies reputation and reassures stakeholders. It is undeniable that the Code, if complied with properly, will have a positive impact on the global economic landscape in the near future and will considerably improve governance in the public sector. C. First African Economic Platform (AEP) hosted in Mauritius The African Union launched the African Economic Platform (AEP) in Mauritius on the 20 th March The AEP s initiative is to provide the policy space for Africans across sectors to set their own agenda and explore realistic continental and global opportunities and options for implementing this agenda. The Objectives of the Platform are to: Undertake constructive multi stakeholder dialogues around common themes for Africa, led by Africans and to influence continental policy by engaging directly with African leaders on matters of mutual interest. Establish multi-country multi-sector priorities and plans for common action with clear mechanisms for follow up. Work with African leaders to remove policy obstacles for doing business in Africa, increasing the investment attractiveness of the continent, the implementation of strategies for economic diversification and industrialization, and domestic and other resource mobilisation. Advocate for the removal of barriers that hamper communication and the flow of goods, people and services across the continent, create common platforms for articulating 3

4 common African positions on global affairs and increase global awareness of Africa s emerging role in world affairs. To leverage the potential of the African Diaspora to participate and advocate for Africa s integration and development. To drive efforts to mobilize domestic resources by the African Union to support the priority actions as defined by the AEP under the auspices of Agenda To drive the implementation of policies for inclusive growth. D. MOU signed between the Hong-Kong Trade Development Council (HKTDC) and Mauritius The Financial Services Promotion Agency (FSPA) participated in the 10th Asian Financial Forum which took place on the 16th and 17th January. The Mauritius International Financial Centre (IFC) has been showcased as an ideal financial platform for investing and doing business in Africa. A major outcome of this FSPA led mission was the signature of a Memorandum of Understanding (MOU) between the FSPA and the Hong Kong Trade Development Council (HKTDC), a statutory body in Hong Kong, in view of establishing a mechanism for mutual assistance and collaboration in promotional matters between Hong Kong and Mauritius as regional financial centers for China and Africa respectively. The MOU was signed by the Chief Executive of the FSPA, Harvesh Seegolam and the Director of the International & Mainland Relations of the HKTDC, Iris Wong, in the presence of various key stakeholders of the financial services industry of Mauritius and Hong-Kong. 4

5 E. Road show in Cape Town, Johannesburg & Gaborone from the 8 th 13 th May 2017 The Financial Services Promotion Agency ( FSPA ) and the Board of Investment ( BOI ) will be conducting a Road show in Cape Town, Johannesburg and Gaborone from the 8 th of May to 13 th of May 2017, to showcase Mauritius as an investment destination and a financial platform for intra African investment. The Roadshow shall comprise of: - Business Forum, targeting around 150 participants which will be organized on the 8 th of May 2017 in Cape Town; - Business Forum, targeting around 150 participants which will be organized on the 11 th of May 2017 in Johannesburg; - Business Forum, targeting around 100 participants which will be organized on the 12 th of May 2017 in Gaborone, Botswana. The FSPA, which operates under the aegis of the Ministry of Finance and Economic Development, is tasked with the duty of: (i) Promoting and positioning Mauritius as an International Financial Centre ( IFC ) of repute and substance; (ii) (iii) Enhancing the image of Mauritius as a clean and reputable financial centre; Acting as a think tank for matters relating to the promotion of development of the Mauritius IFC; (iv) Developing and enhancing the product offerings of the Mauritius IFC. For further information, please do not hesitate to contact: Kamal Iyaroo: kamal.iyaroo@tripro.mu/ or Christiane Yeung: Christiane.yeung@tripro.mu 5