Objects and Functions

Objects and Functions

The Financial Reporting Act 2004

Part V - The National Committee on Corporate Governance

63. Establishment of National Committee on Corporate Governance

  1. There is established for the purposes of this Act the National Committee on Corporate Governance. 
  2. The National Committee on Corporate Governance shall be a body corporate.

Amended by [Act No. 7 of 2020]

64. Objects of the National Committee on Corporate Governance

The objects of the National Committee on Corporate Governance shall be to – 

  1. establish principles and practices of corporate governance; 
  2. promote the highest standards of corporate governance; 
  3. promote public awareness about corporate governance principles and practices; 
  4. act as the national coordinating body responsible for all matters pertaining to corporate governance. 

65. Functions of the National Committee on Corporate Governance

The National Committee on Corporate Governance shall - 

  1. assess the needs for corporate governance in the public and private sectors; 
  2. organise and promote the organisation of workshops, seminars and training in the field of corporate governance; 
  3. issue the Code of Corporate Governance and guidelines, and establish a mechanism for the periodic re-assessment of the Code and guidelines; 
  4. provide assistance and guidance in respect of the adoption of good corporate governance;  
  5. establish links with regional and international institutions engaged in promoting corporate governance; 
  6. co-operate with the Council and with any other person or institution in order to fulfill its objects; 
  7. set up the Mauritius Institute of Directors; 
  8. cooperate with the Council on corporate governance matters relating to State-owned enterprises; and 
  9. advise the Minister on any matter relating to corporate governance.

Amended by [Act No. 18 of 2016]

66. Composition of the National Committee on Corporate Governance

    • The National Committee on Corporate Governance shall consist of –
      1. a chairperson;
      2. the Chief Executive Officer; and
      3. not more than 9 other members.
    • The chairperson and the members referred to in paragraph (a)(iii) shall be appointed by the Minister from amongst persons having wide experience or expertise in legal, financial, corporate and business matters.
  1. Every member of. the National Committee on Corporate Governance shall hold office for a period of 3 years on such terms and conditions as the Minister may determine, and shall be eligible for reappointment.
  2. The National Committee on Corporate Governance may co-opt any person who may be of assistance in relation to any matter before it.
  3. The appointment of any member of the National Committee on Corporate Governance may be terminated by the Minister on any of the grounds specified in section 37 (3)(b) (i), (iii), (iv) and (v) of the Interpretation and General Clauses Act.
  4. Every member shall be paid such fees as the Minister may determine.

Amended by [Act No. 18 of 2016]

67. Meetings of National Committee on Corporate Governance

  1. The National Committee on Corporate Governance shall meet as often as is necessary but not less than once every 3 months, and at such time and place as the Chairperson may determine.
  2. The National Committee on Corporate Governance shall, subject to this Act, regulate its meetings and its procedures at meetings in such manner as it thinks fit.
  3. In the absence of the Chairperson at a meeting of the National Committee on Corporate Governance, the members present shall elect a member to act as Chairperson for that meeting.

68. Funding of National Committee on Corporate Governance

  1. The National Committee on Corporate Governance may receive any money appropriated from the Consolidated Fund and any other money lawfully accruing to the National Committee on Corporate Governance from any other source. 
  2. The National Committee on Corporate Governance shall establish a General Fund into which all money received by it, and out of which, all payments required to be made by it, shall be paid. 
  3. The National Committee on Corporate Governance shall, not later than 3 months before the commencement of each financial year; submit to the Minister its plan of action and an estimate of its expenditure for that financial year.

69. Accountability of National Committee on Corporate Governance

  1. The National Committee on Corporate Governance shall, within 3 months of the close of its financial year, submit to the Minister a report on its affairs and functions during that financial year.
  2. The report referred to in subsection (1) shall include-
    1. an overview of the activities of the National Committee on Corporate Governance; and
    2. an account of the extent to which the objectives set by this Act had been achieved in that financial year by the National Committee on Corporate Governance.
  3. A copy of the report shall be filed with the Council within. 3 months of the close of its financial year.