Post on 06-Aug-2021
Paving the way to Integrated Reporting <IR>
Corporate Reporting Awards
www.pwc.com/mu/cra
04 March 2015 Presenting the Jury Findings
PwC Corporate Reporting Awards 2015
Welcome
1 The Awards
2 The Process and Review
3 The Judging Panel
4 The Ceremony
2015
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
The Awards
Category Awards
• SEM-10 • Financial Institutions • Listed Companies • Non-listed Public Interest Entities and
Parastatals
Cross-Category Awards • Online Reporting • Corporate Governance Disclosures • Risk Management Disclosures - financial
institutions • Risk Management Disclosures - non-financial
institutions
Entities listed on the SEM are automatically considered for the Award.
Non-listed PIEs, state-owned entities and parastatals will only compete if they submit their ARs for review.
Where an entity has the attributes of more than one category, it will qualify to participate in the top most category.
2015
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Process and Review
3-6 reports
Per category
103 Annual Reports
104 websites
4 websites
172 entities initially
identified
172 entities initially
identified
103 Annual Reports
104 websites
3-6 reports
per category
4 websites
Review by
Judging Panel
Review by
Judging Panel
PwC screening and review Shortlisted for Awards Jury final decision
2015
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
The Judging Panel
Mrs Sharona Rambocus Mr Jean-Paul de Chazal Dr Raj Daliah Mr Cyril Wong Sun Thiong Mr Maurice de Marassé Enouf
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Time for the ceremony
2015
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Cross-Category Awards Risk Management Disclosures Financial and Non-Financial Institutions
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Findings
• Not a good year for banks from a risk management perspective
• More difficult to report on negative performance
• Reporting approach varied
• Say nothing
• Say a little bit
• Say a little bit more
• Are you walking the talk?
Risk Management Disclosures Financial Institutions
Sponsored by the MIoD
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04 March 2015 Paving the way to Integrated Reporting <IR>
Recommendations
• Tell it as it is!
PwC Corporate Reporting Awards 2015
Findings
• Increased disclosures
• Trend to add risk oversight to audit committees – is this right?
• Mapping of strategic risks and related mitigating actions
• Explanation of risk assessment methodology
• Details on how risk condition have evolved during the year
• Early days in the risk management maturity journey – still some way to travel
Risk Management Disclosures Non-Financial Institutions
Sponsored by the MIoD
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04 March 2015 Paving the way to Integrated Reporting <IR>
Recommendations
• Focus on changes in the year
• Connect your risk disclosures
• Explain your appetite for the identified risks
• Rank your risk in order of significance
• Demonstrate how this appetite is reflected in the entity culture and the day to day management and governance processes
• Use more graphics
PwC Corporate Reporting Awards 2015
Trends and best practices from Fresnillo Achievements and plans
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Fresnillo Risk profiling
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Fresnillo Evolution of risk profile
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Lloyds Banking Group - Achievements
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Lloyds Banking Group - Priorities for next year
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Lloyds Banking Group - Risks mapped to Mitigating Actions…
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
… and mapped to KRI and future focus
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Lloyds Banking Group - Not just Financial and Capital Risks
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Lloyds Banking Group - Connectivity of information
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Lloyds Banking Group - Emerging Risks
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Lloyds Banking Group - Risk and Risk Appetite defined and explained
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Trends and best practices from Lloyds Banking Group - Consistent presentation
Risk Management
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Risk Management Disclosures Financial Institutions
Sponsored by the MIoD
AfrAsia Bank Limited
The Mauritius Commercial
Bank Ltd
State Bank of Mauritius Ltd
Nominees
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Risk Management Disclosures Financial Institutions
Sponsored by the MIoD
Winner: The Mauritius Commercial Bank Limited
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04 March 2015 Paving the way to Integrated Reporting <IR>
Mr Anthony Withers receiving his Award from Mr Jean-Paul de Chazal, Jury Member
PwC Corporate Reporting Awards 2015
Risk Management Disclosures Non-Financial Institutions
Sponsored by the MIoD
Air Mauritius Limited
Omnicane Limited
Rogers & Company Ltd
Nominees
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Winner: Air Mauritius Limited
Risk Management Disclosures Non-Financial Institutions
Sponsored by the MIoD
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04 March 2015 Paving the way to Integrated Reporting <IR>
Mrs Jane Valls (MIoD) presenting the Award to Mr Vijay Seetul
PwC Corporate Reporting Awards 2015
Corporate Governance Disclosures
Sponsored by the NCCG
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Corporate Governance Disclosures
Findings
• High level of compliance
• Key areas for improvements
• How you remunerate your executive directors
• Safeguarding external auditor’s independence
• Composition of Board Committees
• Risk oversight to audit committees
• Boards are well attended
• Board evaluations
• Better health & safety and sustainability disclosures
Sponsored by the NCCG
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04 March 2015 Paving the way to Integrated Reporting <IR>
Recommendations
• Focus on changes
• Consider putting static information on website
• Executive remuneration
• Evolution over the year and rationale for change
• Fixed and variable portion
• Long-term incentives
• Watch out for the new Code
PwC Corporate Reporting Awards 2015
Corporate Governance Disclosures Nominees
Sponsored by the NCCG
Nominees
Terra Mauricia Ltd
ENL Land Ltd
MCB Group Limited
Omnicane Limited
Rogers & Company Ltd
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Corporate Governance Disclosures Winner
Winner: Terra Mauricia Ltd
Sponsored by the NCCG
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04 March 2015 Paving the way to Integrated Reporting <IR>
Dr Raj Daliah, Jury Member, presenting the Award to Mr Maurice Enouf
PwC Corporate Reporting Awards 2015
Online Reporting
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Online Reporting
Websites were assessed from the perspective of an investor or a provider of financial capital.
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04 March 2015 Paving the way to Integrated Reporting <IR>
Focus on:
• Ease of access & navigation
• Newsworthy information
• Technology
• Variety of support
• Financial highlights
• Link with off-screen activity
PwC Corporate Reporting Awards 2015
Online Reporting
Findings
• Rather easy to locate the financial pages
• Mostly static information
• Some viewing and navigation issues
• < 50% of listed entities had updated share prices on home page
• Prices not the latest prices
• Investor presentations
• Board committee charter
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Online Reporting
Recommendations
• Provide relevant up-to-date information
• Give information that your shareholders want to see
• Appoint an investor relation contact
• Adapt to digital media
Web trends
• Investor tools
• RSS feeds and email alerts
• Webcasts
• AGM Q&A
• Investor Relations Apps
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Online Reporting Nominees
Nominees
Rogers & Company Ltd
ENL Group
AfrAsia Bank Limited
MCB Group Limited
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Online Reporting
Winner: MCB Group Limited
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04 March 2015 Paving the way to Integrated Reporting <IR>
Mr Gilbert Gnany receiving the Award from Mrs Sharona Rambocus, Jury Member
PwC Corporate Reporting Awards 2015
The Categories
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Categories
Findings
• Few are embracing <IR> contents and principles
• Heavy reading at times
• Too much focus on the ‘what’ rather than on the ‘how’
• Guest satisfaction surveys
• Boasting comments
• Insurance companies must up their reporting
2015
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04 March 2015 Paving the way to Integrated Reporting <IR>
Recommendations
• Apply materiality threshold to narratives
• Put yourself in your shareholder’s shoes
• Push static information to web site
• Report in a balanced way (strengths and weaknesses, positive and negative)
• Listed companies should produce integrated reports
PwC Corporate Reporting Awards 2015
Categories
Accounting remarks
• Accounting for business combinations
• Lots of bargain purchase
• Comparatives in “amalgamations”
• Operating costs outside operating profits
• We’ve been listened to – on land revaluations
• Have a policy for exceptional expenses
2015
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Listed Companies Nominees
Nominees
Air Mauritius Limited
Rogers & Co Ltd
Omnicane Limited
LUX Island Resorts Ltd
ENL Commercial
Limited
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Listed Companies Winner
Winner: Omnicane Limited
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04 March 2015 Paving the way to Integrated Reporting <IR>
Mr Eddie Ah-Cham receiving the Award from Mr Maurice Enouf, Jury Member
PwC Corporate Reporting Awards 2015
Financial Institutions Nominees
AfrAsia Bank Limited
The Mauritius Commercial
Bank Ltd
MUA Group
Nominees
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
Financial Institutions
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04 March 2015 Paving the way to Integrated Reporting <IR>
Winner: The Mauritius Commercial Bank Limited
Mr Cyil Wong, Jury Member, presenting the Award to Mr Anthony Withers
PwC Corporate Reporting Awards 2015
SEM-10 Nominees
MCB Group Limited
State Bank of Mauritius Ltd
Terra Mauricia Ltd
Nominees
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04 March 2015 Paving the way to Integrated Reporting <IR>
PwC Corporate Reporting Awards 2015
SEM-10
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04 March 2015 Paving the way to Integrated Reporting <IR>
Winner: MCB Group Limited
The Hon. Minister Roshi Bhadain presenting the Award to Mr Gilbert Gnany
PwC Corporate Reporting Awards 2015
Award Winners
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04 March 2015 Paving the way to Integrated Reporting <IR>
From left to right: Vicky Hurynag (MCB Ltd), Anthony Withers (MCB Ltd), Gilbert Gnany (MCB Group), Eddie Ah-Cham (Omnicane), Maurice Enouf (Terra), Vijay Seetul (Air Mauritius)
2015
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