| CIM FINANCE. INTEGRATED REPORT 2022 20 Couldyousharethekeystrategichighlights that contributed to positioning CimFinance as a purposeful business, as you mentioned? Cim Finance was active on a number of fronts to strengthen our stance as a business led by strong social and environmental values. Our main actions and initiatives can be distilled down to the following points: - Our strategy over the past few years has been to strengthen our core expertise and areas in which we have a substantial competitive advantage. This led to the sale of our wholly owned subsidiary, Cim Forex. In the same breath, we completed the acquisition of Tsusho Capital in March 2022, a company licensed by the FSC and specialising in vehicle financing and insurance agency services. This amalgamation, after that of Mauritian Eagle Leasing Company Limited in October 2020, is expected to reinforce our leasing business in Mauritius, which currently comprises MUR 3.2bn of our total loan book. This will bode well for the diversification of our portfolio and revenue streams. - Micro, small andmedium-sizedbusinesses are still reeling from the effects of the pandemic - lockdowns, reduced demand, disruptions in supply chains - in the form of severe revenue losses and liquidity challenges. Therefore, I could not bemore pleased by the timely launch of Noubiznes, an initiative that recognises that SMEs needmore than financing to thrive in the current climate. The online portal grants SME owners the tools, resources, opportunities and confidence they need to grow their business in a competitive and challenging environment that is often stacked against them. - I am also deeply honoured to announce that Cim Finance became the first company in Mauritius to have developed a Green Bond Framework and issued green bonds to facilitate the development of environmental projects. Our Group CEO, Mark, sharesmore about the significance of thismilestone in his interview. - Our performance is heavily reliant on the strength of our people. Having endured a global pandemic, successive lockdowns, disruptions inwork-life balance, and a prolonged economic and social crisis, employees across the board are understandably plagued by fatigue and high levels of stress. We have done our utmost to respond with empathy and compassion, reenergise our workforce and help them regain a sense of stability. In this complex regulatory landscape, sound governance practiceshavenever beenmore important. Howis theBoard ensuring that Cim Finance is well governed? This past year, we resolved to hold ourselves accountable to even higher standards of good governance, environmental stewardship and community engagement. We constantly evaluate and evolve our methods to ensure we remain at the forefront of best practices in these areas. CimFinance ismore than committed to having an independent, high-performing Board of Directors, who discharge their oversight duties with integrity, accountability and ethics. One tool we use to examine our effectiveness is an annual board evaluation, generally performed internally by self-evaluation and peer review. This year, we approved a Board Evaluation Framework, which will help us transition to an unbiased and rigorous assessment of our performance, and that of our sub-committees. As leaders in the financial industry, we must be mindful of the consequences of our actions over the long term. Our corporate governance and risk management practices are designed to help us plan for long-term changes by taking into account shifting customer demands and an ever-changing operating environment. This is another aspect of resilience. WhatprogresswasmadetowardstheGroup’senvironmental and social goals? As the pandemic has demonstrated, a crisis can often act as a catalyst for expeditious innovation, leading to rapid advances in areas in which we choose to dedicate our time and efforts. We have also seen diverse interests and parties pull together as allies to face a common challenge. Climate risk is one of those areas that can be addressed effectively if we set our differences aside and cooperate for the greater good. Ourmany initiatives, like the Green bond and the Green loan, are aligned with the Government’s vision to transition to a carbon neutral economy. If we stand united, I believe we can turn the tide on the existential and humanitarian threat that climate change poses to our island. Deeply embedded in Cim Finance’s DNA is a genuine desire to advance the causes of all socioeconomic groups of the country. With food insecurity rising and pushing certain segments of the population into extreme poverty, we continued to lend our support to vulnerable communities, including Cité Coeur Interview with the Chairperson
RkJQdWJsaXNoZXIy MzQ3MjQ5