68 C I M F I N A N C I A L S E R V I C E S L T D Corporate Governance Report 1. COMPLIANCE STATEMENT CIM Financial Services Ltd (“CFSL” or the “Company”), a company listed on the Official Market of The Stock Exchange of Mauritius (“SEM”), is classified as a public interest entity under the Financial Reporting Act 2004. In accordance with the National Code of Corporate Governance (2016) (the “Code”), CFSL is required to adopt and report on its corporate governance practices and this Corporate Governance Report thus sets out how the Code’s principles have been applied throughout the Company. Cim Finance plays a key role in the country’s economic, financial and social landscape. With this comes the responsibility to not just be compliant with overarching regulations and laws, but also to integrate the principles of good governance in all aspects of our organisation, from our structure and strategy, to our day-to-day behaviours and how we interact with one another, our customers, partners and the authorities. The past year has exposed the strengths and weaknesses that exist in an organisation’s ability to deal with a crisis and uncertainty. Despite entering the crisis in better shape thanmany other businesses, we view this as an unprecedented opportunity to improve our frameworks, mechanisms and policies, and transform the way we do business. This has translated into placing Environmental, Social and Governance (ESG) factors at the heart of our decisions. This Corporate Governance Report sets out the measures we have taken during the year to strengthen our resilience to potential future shocks, irrespective of their nature. 2. GOVERNANCE STRUCTURE 2.1 The Board We believe that setting the tone at the top is a prerequisite for a strong governance culture, and this begins with our Board of Directors. The Board of Directors (‘Board’) of CIM Financial Services Ltd is fully dedicated to applying the principles of the Code, thus ensuring the Company’s commitment to ensure the resilience of the business and create long-term value for its stakeholders. The Board is responsible for embodying and promoting a culture of transparency, accountability and ethics in order to guarantee efficient and ethical decision-making processes. According to the Constitution of the Company, the Board shall consist of a minimum of six and a maximum of twelve Directors. The Company is headed by a unitary board composed of ten members, under the chairpersonship of Mrs Aisha Timol. The Board comprises four non-executive Directors, one executive Director and five independent Directors, including the Chairperson, who operate within a clearly defined governance framework. The Board is of the view that there is an adequate balance between independent, non-executive and executive Directors on the Board and that all Board members have the necessary skills, expertise, experience, independence of opinion and knowledge to discharge their respective duties and responsibilities effectively. Although there is only one executive Director on the Board, the Board is of view that the input of the Group Chief Financial Officer and the Group Chief Operating Officer, who are both in attendance at Board meetings, provides an appropriate balance to Board deliberations. C O R P O R A T E G O V E R N A N C E
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