Conduct Review Committee

The Committee consisted of three Independent Non-Executive Directors as at 30 June 2021. In line with its approved Terms of Reference, the Committee should meet at least once every quarter

Composition:

The Committee shall consist of a minimum of three independent members.

Membership as at 30 June 2021:

The membership of the Committee shall be appointed by the Board from amongst the Independent Directors of the Bank. As at 30 June 2021, the Committee was in adherence with the independency requirements.

Members Date of appointment Board status
Inderjit Singh Bedi
(Chairperson)		 October 2020 Independent Non-Executive Director
Giriraj Sinh Jadeja October 2020 Independent Non-Executive Director
Joan Jill Wan Bok Nale November 2020 Independent Non-Executive Director

Note:

Sevami Moonien, Head of Credit Risk and Rakesh Seesurn, Head of Risk, are in attendance in the Committee for their relevant sections.

Non-adherence:

The Conduct Review Committee was in non-adherence vis-à-vis its ToR as the current Chairperson of the Committee is also the Chairperson of the Board and of the required meeting quota. However, all approvals were done by circulation of resolutions for which relevant executives of the Bank were invited to add their comments and guidance to Committee members to assist in their deliberations and quarterly presentation were made by the Chairperson. This non-adherence will be remedied with the re-composition of the Committee to ensure compliance following on from an impending update and revision to the current terms of reference.

Fundamental functions comprise:
  • Having the mandate to require management to establish policies and procedures to comply with the requirements of the Bank of Mauritius’ “Guidelines on Related Party Transactions”;
  • Reviewing and approving credit exposures to related parties; 
  • Ensuring market terms and conditions are applied to all related party transactions; 
  • Reviewing the practices of the financial institution to ensure that any transaction with related parties that may have a material effect on the stability and solvency of the bank is identified and dealt within a timely manner; and 
  • Reporting periodically and in any case not less frequently than on a quarterly basis to the Board of Directors on matters reviewed by it, including exception on policies, processes and limits.
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