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 properly and effectively. The increasing diversity among Board members helps the Board to make constructive criticism and overcome any risks of ‘groupthink’. 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. Moreover, the input of other members of the Senior Management Team is sought when needed at Board and/Committee meetings. In addition, the composition of the Board meets the requirements of the Code in terms of gender diversity, with two women having experience in the financial sector appointed as Directors on the Board of CFSL. Recognising the valuable contribution to board deliberations from having a diverse board, CFSL is determined to move beyond compliance in this regard and is considering appointing additional women Directors. The Board assumes the collective responsibility for leading and controlling the organisation, providing strategic guidance and ensuring, in collaboration with Management, the sustainability of CFSL’s business model, reviewing strategic plans together with financial plans, monitoring performance, ensuring that a robust risk management system is in place and providing accurate information to shareholders, the public and regulators. It also ensures that the Company adheres to all legal, regulatory requirements, applicable corporate governance practices and relevant sustainability principles. The Board has set up five sub-committees to assist in the discharge of its duties, as morefully set out on pages 79 to 80. The profiles and the full directorship list of the members of the Board are set out on pages 20 to 25 of the Annual Report. Except for Mr David Somen, all the Directors reside in Mauritius. The Board has adopted an Equal Opportunity Policy pursuant to the requirements of the Mauritian Equal Opportunity Act 2008. The Policy provides for the promotion of equal opportunity between persons, and also prohibits discrimination on the grounds of status and by victimisation. The Policy sets out the Company’s position on equal opportunity in each and every stage of the employment process, a process that is applied equally to all Board members and employees. The Company will regularly review its procedures and selection criteria to ensure that individuals are selected, promoted and treated solely based on their individual abilities and merits. The skills set of the members of the board is diverse ranging from expertise in areas such as risk, compliance, legal, international and regional business management, banking/quasi banking, commercial, accounting and finance. In accordance with the requirements of the Code, the following documents, as approved by the Board, are available for consultation on the Company’s website https://www.cim.mu/governance-cfsl.html 77 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS
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