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OUR FINANCIAL PERFORMANCE STATEMENTS
CORPORATE GOVERNANCE REPORT
The United Basalt Products Limited (referred to as the “Company” or “UBP”) was incorporated as a public company in July 1953. The shares of the Company have been listed on the Official Market of the Stock Exchange of Mauritius Ltd since 1989. The Company is qualified as a Public Interest Entity (“PIE”) under the Financial Report Act 2004.
The Board of Directors acknowledges that The National Code of Corporate Governance for Mauritius (2016) (“the Code”) sets out the best practices in terms of corporate governance and recognises that the principles under the Code have been applied within the Group, as explained in the report.
GOVERNANCE AT A GLANCE
1. PHILOSOPHY
The Board is committed to entrenching the highest standard of governance in the Group’s corporate culture to sustain its strategic orientation in view of building and enhancing stakeholder value. Being mindful of the evolving operating context, such practices are reviewed, as required, to ensure that the Group retains the flexibility to respond proactively to opportunities and challenges. The Group’s corporate governance framework is illustrated below.
Guiding principles
Key pillars
CORPORATE GOVERNANCE FRAMEWORK
Transparency
Accountability
Integrity
Adherence to advocated principles, rules and applicable regulations
Sound corporate governance structures and processes
Setting the tone from the top is an important part of the Board’s role and helps to foster a culture centred on those guiding principles. Beyond operationalising regulatory requirements, the Group is managed with utmost integrity, enhanced accountability, sound risk and performance management, transparency and effective leadership.
The Code of Ethics further governs the relationship with our stakeholders and sets out the professional and ethical behaviour expected and required by our employees for both internal and external interactions. A yearly report is submitted to the Corporate Governance Committee for the monitoring and evaluation of compliance with its established ethical principles and standards.
UBP INTEGRATED REPORT 2022 99
CORPORATE GOVERNANCE