In line with its approved Terms of Reference, the Committee should meet at least once every quarter. During the year under review, the Committee met 4 times.

Composition:

The Committee shall consist of a minimum of three independent members.

Membership as at 30 June 2020:

The membership of the Committee shall be appointed by the Board from amongst the Independent Directors of the Bank. As at 30 June 2020, the Committee was in adherence with the membership rudiments.

Current recomposed membership:

Note: Sanjiv Bhasin, CEO, is in attendance and non-voting.

Fundamental functions comprise:

• Having the mandate to require management to establish policies and procedures to comply with the requirements of the Bank of Mauritius’ “Guidelines on Related Party Transactions”;
• Reviewing and approving credit exposures to related parties;
• Ensuring market terms and conditions are applied to all related party transactions;
• Reviewing the practices of the financial institution to ensure that any transaction with related parties that may have a material effect on the stability and solvency of the bank is identified and dealt within a timely manner; and
• Reporting periodically and in any case not less frequently than on a quarterly basis to the Board of Directors on matters reviewed by it, including exception on policies, processes and limits.