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National Committee on Corporate Governance Announces Call for Proposals

The National Committee on Corporate Governance (NCCG), operating under the umbrella of the Ministry of Financial Services and Good Governance, has issued a formal invitation for Request for Proposals (RFPs) for the provision of services related to the review of the National Code of Corporate Governance for Mauritius (2016).

Established under S. 63 of the Financial Reporting Act 2004, the NCCG plays a pivotal role in ensuring the integrity and effectiveness of corporate governance practices within the Mauritian business landscape. In line with its mandate to periodically reassess corporate governance frameworks, the NCCG is initiating the review process of the 2016 Code.

Soomilduth (Sunil) Bholah, Minister of Financial Services and Good Governance stated:

“The world of business is constantly evolving, and so must our approach to corporate governance. Reviewing and adapting the National Code of Corporate Governance ensures Mauritius remains at the forefront of governance practices as an IFC. By integrating ESG principles, we not only strengthen our reputation as a responsible financial center but also unlock opportunities for sustainable investment and growth. In the realm of governance, our Code is not just a document; it is a blueprint for integrity, transparency, and prosperity. A relevant and contemporary Code of Good Governance is not just a choice; it is the cornerstone of a robust financial ecosystem, ensuring trust, resilience, and ethical stewardship in our institutions. This revised Code will be a cornerstone for shaping a future where prosperity goes hand-in-hand with sustainability, that is environmental and social considerations.”

The upcoming revision of the Code aims to align it with national priorities, the UN Sustainable Development Goals, the revised G20/OECD Principles of Corporate Governance, amongst others. Recognizing the growing significance of Environmental, Social, and Governance (ESG) considerations in global business practices, the revised Code will emphasize sustainability, accountability, and long-term value creation.

Aruna Radhakeesoon, Chair of NCCG, shared the following:

“As we embark on this crucial review of the 2016 Code, we recognize its pivotal role in steering Corporate Mauritius towards sustainable economic growth. In an ever-evolving landscape, relevancy is our compass. By embedding principles of sustainability, transparency and accountability, we not only safeguard our present prosperity but pave the way for a resilient and prosperous future for Corporate Mauritius.”

A key objective of the third review of the Code is to position Mauritius as a sustainable investment hub, attracting funds towards environmentally responsible projects in Africa. By addressing socio-economic challenges and embracing the principle of ‘Leaving No One Behind,’ the new Code will strive to balance economic development with environmental conservation and social equity.

The selected local consultant will be tasked with delivering a comprehensive analysis of pertinent governance issues, integrating sustainable risks and opportunities into the new Code, and devising strategies for fostering stakeholder engagement and sustainability reporting. Moreover, the consultant will guide the establishment of competent sustainability teams and facilitate data-driven decision-making processes.

The project timeline spans from May to June 2024 for the selection of the consultant, followed by the drafting and finalization of the new Code from September 2024 to January 2025. The official launch of the revised Code is tentatively scheduled for May 2025, coinciding with awareness sessions aimed at educating stakeholders about its implications, implementation and best practices.

Prospective local consultants, whether individuals or organizations, are invited to submit their proposals in accordance with the guidelines outlined by the NCCG in the formal invitation. The deadline for submission of RFPs is Friday, May 31, 2024, at 15h00.

Interested parties are encouraged to visit the NCCG’s website – www.nccg.mu – for further information and the detailed Terms of Reference.

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