Page 121 - flipbook-ubp-IR

OUR FINANCIAL PERFORMANCE STATEMENTS
Insurance Coverage
The Board, via the Risk Monitoring Committee, ensures that the Group’s insurance policies are regularly assessed to guarantee the adequate coverage of the significant risks faced by the Group.
Internal Controls
The Board is responsible for the Group’s internal control systems and for reviewing its effectiveness. The Group’s internal control framework seeks to ensure the reliability of financial reporting, operations and systems whilst guaranteeing compliance with internally established policies and procedures as well as with laws, regulations and codes of business practice in order to protect the Group’s assets and reputation.
The internal control framework recognises the pervasiveness of risks in our Group and is devised to tackle the key risks identified under the Enterprise Risk Management (ERM). The internal audit function thereafter assesses the effectiveness of the internal controls in mitigating those risks.
The Audit Committee assists the Board in the discharge of this responsibility and oversees the effectiveness of the Group’s internal control systems. Processes are in place to monitor the effectiveness of internal controls, to identify and report any significant issues, and to ensure that timely and appropriate corrective actions are taken. In carrying out its duties, the Audit Committee receives regular reports from the internal audit function of the Group.
Whistleblowing
In view of upholding the highest level of ethical conduct, the Board has endorsed a Whistleblowing Policy to provide a framework for its employees to raise concerns about any aspect involving malpractices, without fear of reprisal or victimisation. The policy provides details of the process to follow to raise a concern, as well as the possible outcomes related thereto.
7. REPORTING WITH INTEGRITY
The Board is responsible for the preparation of an Annual Report and financial statements in accordance with applicable laws and regulations. Pursuant to the Companies Act of Mauritius, the Directors are also required to ensure that financial statements are in compliance with International Financial Reporting Standards.
The Directors are further responsible for the adequate maintenance of accounting records, which disclose at any time and with reasonable accuracy, the financial position and performance of the Company and the Group. They also have the duty to maintain an effective system of internal control and risk management to safeguard the assets of the Company and of the Group and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Being a listed Company, we ensure that our stakeholders are kept fully informed about our activities and that our financial disclosures meet the highest ethical standards. This report sets out the financial, social, environmental and performance outlook relevant to the Group.
Furthermore, a soft copy of the Annual Report of the Group is available on the Company’s website - www.ubp.mu.
8. AUDIT
External Audit
The Audit Committee evaluates the independence and work effectiveness of external auditors before making a recommendation to the Board for their appointment and re- appointment. The evaluation encompasses an assessment of the qualifications and performance of the auditors, the quality and integrity of the auditors’ communications with the Audit Committee and the Company and the auditors’ independence, objectivity and professional scepticism.
In line with the prevailing Financial Reporting Act 2004, the auditors have been rotated. The current auditors of the Company are Messrs. Deloitte Mauritius.
To further ensure that the objectivity and independence of external auditors are not compromised in the conduct of the audit, the Audit Committee approves any non-audit services provided by them, which are moreover limited to ad hoc advice and assistance.
Please refer to Other Statutory Disclosures on page 129 for the details of the auditors’ remuneration.
UBP INTEGRATED REPORT 2022 119
CORPORATE GOVERNANCE