Page 113 - flipbook-ubp-IR

OUR FINANCIAL PERFORMANCE STATEMENTS
AUDIT COMMITTEE
MANDATE
The Committee ensures the integrity of accounting and financial reporting and reviews internal control systems and procedures in order to assist the Board of Directors in carrying out its responsibilities. The Committee also monitors the role and scope of work of internal and external auditors and ensures compliance with legal and regulatory provisions.
The Committee confirms that it has assumed its responsibilities in accordance with its terms of reference for the year under review.
COMPOSITION
As per its Charter, the Committee shall consist of a minimum of three Non-Executive Directors, the majority of whom shall be independent. The Committee is constituted as follows:
Kalindee Ramdhonee 3 Stéphane Brossard
Chairperson Member Member
Minimum members
Christine Marot
The Chairperson of the Committee is an Independent Non-Executive Director.
During the year under review, Mr Stéphane Brossard, one of the Company’s Independent Non-Executive Directors, replaced Mr François Boullé as member of the Committee.
Mrs Christine Marot, the other member of the Committee, is a Non-Executive Director.
The Board is of the opinion that the current members of the Committee are able to exercise independent judgement in discharging their responsibilities given their financial management knowledge and experience.
DISCUSSIONS
The Committee met six times during FY2022, mainly to:
• review and recommend to the Board for approval the audited group financial statements, the Annual Report and the audited abridged group financial statements for the year ended June 30, 2021;
• review and recommend to the Board for approval and publication the quarterly unaudited abridged group interim financial statements;
• discuss the Group’s IT Governance Framework
• consider the progress report further to the compliance audit of the Company and its subsidiaries;
• review the external audit Management Letters for 2021 from Messrs. Deloitte Mauritius;
• discuss the follow up actions further to the report of the auditors on the IT General Controls;
• consider the Data Protection Management Framework of the certain of the Group’s subsidiaries;
• receive the report of the Internal Auditor; and
• consider the financial reports post the substantial investment in a group of companies in Reunion Island.
In so doing, the Committee reviewed internal control systems and procedures in place in all the subsidiary companies within the Group.
ATTENDANCE
The attendance record of Committee meetings for the year under review is as shown on page 113. A quorum of two members is currently required for an Audit Committee meeting. The Group CFO is in attendance at all meetings of the Committee whilst the Group CEO, the internal and external auditors and some members of
the management attend the meetings on invitation depending on the agenda.
REMUNERATION
The remuneration of the Chairperson and of each member of the Audit Committee for the year ended June 30, 2022 amounted to Rs 175,000 (2021: Rs 175,000) and Rs 120,000 (2021: Rs 120,000) respectively.
UBP INTEGRATED REPORT 2022 111
CORPORATE GOVERNANCE