CIM FINANCE. INTEGRATED REPORT 2022 | 79 To promote a culture of integrity and reaffirm its commitment in conducting businessmatters in an ethical manner, the Group has adopted a Whistleblowing policy which provides a channel of effective and safe communication of concerns. Employees are encouraged to report any malpractice of which they become aware, without running the risk of being victimised or discriminated against. The policy, which is available on the website of the Group, https://www.cimfinance.mu/en/whistleblowing, outlines the reportingmechanismand the defined process on how reported concerns will be handled and investigated in strict confidentiality. The processes and frequency to review, monitor and approve the Board Charter, the organisation’s Code of Ethics, the position statements, the organisational chart and the statement of main accountabilities are reviewed on an annual basis by the Corporate Governance and Conduct Review Committee and updated (where required) once Board approval has been obtained. 2.2 BOARD COMMITTEES The Board of CFSL is assisted in its functions by fivemain sub committees: (i) the Audit and Compliance Committee, (ii) the RiskManagement Committee, (iii) the CorporateGovernance and Conduct ReviewCommittee, which also acts as a Remuneration andNomination Committee, (iv) the Board Investment Committee , and (v) the IT Sub Committee. These sub-committees, which operate within approved terms of reference /charter, have been set up in line with the Code, to assist the Board in the effective discharge of its duties, as well as to provide support and in-depth focus on particular matters. The minutes of each committee’s proceedings are recorded and submitted to the Board for their reference and consideration. The Chair of each sub-committee provides the members of the Board with a report on important matters which might have an impact on the Company. For the year under review, the Board is satisfied that all committees have effectively honoured their responsibilities and fulfilled their role of providing oversight to the Board on specific matters while assisting the Board in dealing with existing and new challenges. THE CORPORATE GOVERNANCE AND CONDUCT REVIEW COMMITTEE (‘CGCRC’) The CGCRC oversees all governance issues relating to the business activities of the Company and all its subsidiaries. The CGCRC is composed of two independent Directors, namely Mr. David Somen (Chair) and Mrs Aisha Timol, two non-executive Directors, namelyMr. TimTaylor andMr. Philip Taylor, and one executive Director, namelyMr. Mark van Beuningen. “During the year under review, the CGCRC met 4 times. Besides looking at the general corporate governance and remunerationmatters, the CGCRC considered the assessment carried out following the evaluation of the Board, its committees and its Directors, the setting up of a Delegation of Authority framework, and the setting up a support plan for employees following the rising cost of living. ” David Somen, Chair. THE RISK MANAGEMENT COMMITTEE (‘RMC’) The RMC oversees the risk-related issues of the Group and helps in maintaining an effective internal control system. It is composed of two independent Directors, namely Mr. Denis Motet (Chair) and Mr. Fareed Jaunbocus, one non-executive Director, namely Mr. Colin Taylor and one executive Director, namely Mr. Mark van Beuningen. “During the year under review, the RMCmet 4 times. As part of itsmandate, the RMC discussed the risk appetite of the Group, the principal risks faced by the Group and the actions taken tomitigate such risks. During themeetings held, significant emphasis was placed on the mitigation of emerging risks via dedicated analysis. The RMC also monitored the progress of the digital transformation of the Group and has also overseen the recalibration of the IFRS 9 Expected Credit Loss (ECL) framework in order to improve its accuracy and ensure adequacy of provisioning.” Denis Motet, Chair.
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