The Mauritius Institute of Directors (MioD) organised a breakfast forum

The Mauritius Institute of Directors (MioD) organised a breakfast forum last week at Pailles. The theme was corporate governance in the financial sector.

On the occasion, the governor of the Bank of Mauritius, Rundheersing Bheenick, discussed several issues related to the financial sector. The governor stated that he and his team are fully committed to walking that extra mile in the interest of the financial system in Mauritius.

Corporate governance is a set of rules governing the operation of boards of public or private institutions. Since the financial crisis, efficiency, the need for accountability, transparency, probity and compliance with laws, effectiveness and coherence have been at the heart of discussions in companies.

“These global views have helped us extend our vision of corporate governance from that of efficient internal management to cover the impact of a company vis-a-vis the economic, social and environmental sector,” said the governor.

“All these codes of conduct have special relevance for the financial services sector and for banks in particular,” he added.

It is important that all the institutions including banks, loan facilitators or building societies operate in a regulated environment.

The governor believes that the Mauritian economy did well on the international level. “The central bank is keen to have extra doses of regulation in banking societies. More players mean more competition,” he said.

Bheenick stressed on the importance of proper regulation and competition to ensure efficiency of the system.